apologies - I got my sums way off! the figures you state are correct.
It's strange that the option conversion was not an all or nothing affair - I find it especially strange that not all the options at 15c were converted. There must be some reason but it has me confused atm. Perhaps Genorah are just hedging their bets as there is risk in whatever Tony is up to next.
As far as shareholders getting cash from the sale it doesn't look likely at all. The announcement on 9th June states:
“We strongly believe that to have significant funds at a time when there are a number of exciting projects on the market at fair prices represents the best opportunity for IGC to deliver sustained value to its shareholders”, said IGC Chairman Tony Sage. The company is currently reviewing a number of acquisitions it believes will deliver value to its shareholders over the medium to long term, however at this time no discussions are at a stage the company believes warrants disclosure to the ASX.
IGC Price at posting:
22.0¢ Sentiment: Hold Disclosure: Held
