Hi Billy There has been some speculation to say the least that...

Hi Billy
There has been some speculation to say the least that ABM should be able to get a better deal than 4 cents a share with approximately a 40% dilution. You have consistently said that it would be very easy for ABM to do a better deal.
Remember that the PRC RI deal was for 4 cents, calculated at a 31% discount to the 20 day average and an issue of 205,772,691 new shares (3 for 5), to raise $8.2m.
Now that was the deal that you and some others hotly criticised.
I have had a look at a possible counter-funding scenario, all hypothetical of course but relevant. I did this to demonstrate how shareholders may find themselves worse off despite all the hoo ha about PRC. Bear in mind I have absolutely no affiliations, just a bean counter.

If we take the same conditions that applied to the PRC RI and use them in a new scenario, it would go like this, if the new offer was based on current share prices.
A 31% discount to 20 day average, back from today would pitch a new RI at 3.1 cents per share. You can do the maths yourself. At a 3 for 5 it would raise approximately $6.379m, ie. 205.772m shares X 3.1cents) But if ABM actually did need $8.2m from it, it would need to issue an additional 265,000,000 shares, not 205m giving a total approx. 608m shares. That would see any shareholder not taking up their entitlement lose 43.6% through dilution.
Now if the new johnnies say how about a 1 for 1 at 3.1cents, that would raise $10.6m, now you’re talking. In that case shareholders who don’t have the funds or confidence to take up their entitlements would lose half through dilution.

Are we better off having APAC fire a salvo through the RI? We’ll see. Remember, without APAC's objection, the TO Panel would not have been an issue.
The proof of the pudding will be in the eating. I have a strong feeling that it will be bitterly disappointing for many after all, if they find they were led up the garden path.
I hope I’m wrong because I’m in the same boat as a lot of others
Best of luck
PB