Some feelings of relief for Glenn Martin, after having just read this section in the 3. supplementary IPO prospectus, dated 14.01.15:
3,752,311 shares @ 40 cents each: NZ$1.5 million. Better than nothing even if the remaining trade restricted shares drop to just a few cents each at the beginning of next year when the 24 months escrow expires.
ANGUISH
KuangChi paid their second investment installment of just under NZ$30 million not only to cover working capital requirements (including wages, Paris & Monaco travel, etc), but to also to enhance the jetpack capabilities, which at the time were still listed with:
74km/h, an operating range of 30-50km, a payload of 120kgs & an altitude of 3,000ft.
As we have been informed now in MJP's latest investor briefing these figures have been downward revised to:
40km/h, an operating range of 15-20km, a payload of 100kgs & an altitude of 2,500ft.
So not exactly money well spent, apart from benefitting a select group of just a few.
MJP Price at posting:
44.0¢ Sentiment: Sell Disclosure: Held
even if the remaining trade restricted shares drop to just a few cents each at the beginning of next year when the 24 months escrow expires.
