Check the previous thread, there was a fair bit of discussion there about these options
It's utter stupidity
Had they been upfront at the time, it would have looked ok, extending the loan and having 25M options granted at market
My guess, and I'm just guessing, Platinum are setting up to average down and then take it over. I don't have time to do the numbers now but will later
They have 65M from around 16-19c, then another 25M options at 13c, and I'm guessing they will take BR's 25-30M at 6-7c once approval comes
I find it suspicious we were happily trading at 14c, someone absorbing M's of BR's shares, then deathly silence, a 3M dumped by a particular broker who as I evidenced were selling as though they were trying to collapse the price, more selling by BR and now Platinum get 25M options at 13c
My guess, we see Forestry, we see BR gone and we see a bid in the 14-20c range, which will be a 100%+ premium with some garbage recommendation from management
It is a joke, because the delay in receiving Forestry approval is not Cokal's fault as we know, yet incompetent management don't update the market in the midst of a sub selling and now Platinum benefit by simply rolling over their package another quarter
I will only see this as a positive if forestry is granted, platinum take BR out, soak this on market back to 14c, convert their options to fund another quarter and then complete binding finance - anything else is just a crock and looks orchestrated
CKA Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
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