Although it appears to have covered the CN investor, my view is that it should be covering HRZ investors too on the same token. Otherwise it could be challenged in the court.
Another concern is that we may be discussing on limited information. The truth may be that the current conversion SP may reflect to the current SP (or who knows even a slight premium). The anti-dilution arrangement should look at what effects of 2 mergers and their increased asset creation and value creation. If this increases our comparative value above say 7c for now, then 25% premium on the current SP applies as that becomes the governing case. I may be wrong, but it needs to be reviewed by top lawyers/experts to get the best results.
Ideally the MC should only increase by the CN value+ interest amount = 144M + 10M = 154M roughly,
The discussed 4.2c issue price is clearly not a fair value considering we have progressed into production now.
In addition all dilution/value addition applied to HRZ holders at the time of CN issue requires consideration in calculating of conversion SP. Just my thoughts.
I am sure we should consult Ashok/Grant on this one before we can make progress on what to expect.
GLTAH
HRZ Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
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