It’s all coming together!!! Nicely, page-479

Hi Ppaton,

I will give you my perspective and you can think about this, IMO you investment in WKT is clouding any normal logic.

WKT launched The Nordic Bonds in 2019 - Mike offered a total commitment of ~ $3.5mil. the Bond launch was unsuccessful and Mike didn't need to invest these funds. His short term loan was also repaid.


In 2021 WKT secured US$20mil in bank funding, which looks more impressive than the Nordic bond, Instead of Mike offering his ~$3.5mil as per the Nordic bonds, WKT offered all of the equity to the Institutional investors to raise $20mil. WKT failed to raise the $20mil from the Institutional investors. they secured around 1/3 of what they asked for.

WKT then launched a SPP where Mike underwrote ~$2mil.
WKT secured convertible equity from the USA investor, US~$10mil.

As we know the SPP needed to be extended for a week, where Mike purchased ~$20k shares on market.
IMO, this would have encouraged more investors to take up their SPP or apply for any additional shortfall reducing the underwriting required.

We have 2 HC posters that claim Mike was asked by shareholders to give up part of his underwriting, (when these investors could buy on market and the SP was below the SPP price) Seriously how likely does this sound?

I honestly wouldn't give up any of my underwriting or entitlements when these investors can buy at any time and below the SPP price.

This gives me the impression he is lowering his risk and exposure.