This is certainly a stock that stirs the punters.
I am a shareholder but without any real optimism after the EGM and eyeing the 'management'.
Firstly, and this may have been covered previously, I do not believe it possible to change the terms of a resolution at an EGM.Surely any change would need to be sent out again to shareholders who,often, had previously voted on, what became, an obsolete resolution.
Secondly, as the $5m convertable was approved, this (on today's SP) would effectively lead to an issue of,what, another 600m plus shares ,on conversion.Add the SPP.
SO, there will be over 3 BILLION shares,well over.
The market cap(MC) at .08c is currently about $19m.
So, should the shareprice get back to what I originally paid in 2008 of 38c, the MC would need to be around $4 Billion.Not possible of course and also not a great rationale exampled(there was much fewer shares then and we have had SPPs) But, even following some posters share price projections/hopes at 7c , the MC would need to be about $210m.
Even at double the current price($0.16), the MC would be near $50m (after conversion and before SPP).
Today's MC again was $19m.
It's a very long bow....
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This is certainly a stock that stirs the punters.I am a...
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