Got PRR notice of general meeting booklet in post. Easy to read paper rather than looking at screen.
Now coming to the point
Page 34
Annexure C - Ridgeback Warrant Terms
(g)
(2) via cashless exercise, in which case the Subscriber will be issued such number of shares calculated according to the following formula:
(A-B)*X/A
A - closing price preceding option date
B - applicable Warrant exercise price (2.37c)
X - number of shares issuable on exercise of warrants, assuming the warrant was issued for cash (371m).
Say closing price A = 5 cents
The freebie will be (5-2.37)*371m/5 = 195m
so the Ridgeback will get 195m share without paying a single cents. (I rarely came across such a clause)
Simply pathetic
PRR Price at posting:
6.4¢ Sentiment: None Disclosure: Held
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(20min delay)