If they want a quick capex they would raise with sophisticated investors. I suspect MMA will do an entitlement offer on a 1 for 10 basis (can only raise 10% without shareholders approval) which would issue 15.95M shares @ say 25c raising circa $4M and I suspect shareholders will be able to subscribe for the shares not taken up by RDM. Failing that, Crescat Capital would more than likely take up any undersubscriptions. MMA only needs a cash buffer to see them through to October 19 2024 when 50M 30c options are due for conversion.
After a 10% capex, RDM's percentage holding will fall to 47.5% and if they convert the 4M outstanding options into shares then their percentage holding will increase to 49.7%. Regardless of this, when the October 30c options are converted, RDM's ownership of MMA will reduce to below 40%.
I agree, RDM should not waste valuable cash trying to maintain their percentage ownership in MMA.
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Open | High | Low | Value | Volume |
14.0¢ | 15.0¢ | 14.0¢ | $11.36K | 77.86K |
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
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15.0¢ | 107037 | 2 |
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2 | 112037 | 0.140 |
2 | 14904 | 0.135 |
2 | 138461 | 0.130 |
4 | 70007 | 0.125 |
Price($) | Vol. | No. |
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0.150 | 107037 | 2 |
0.155 | 77400 | 1 |
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