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 |
11.5¢ | 13.0¢ | 11.5¢ | $256.9K | 2.144M |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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12.0¢ | 125 | 1 |
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3 | 306427 | 0.110 |
6 | 749092 | 0.105 |
16 | 992159 | 0.100 |
1 | 10000 | 0.098 |
Price($) | Vol. | No. |
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0.120 | 141691 | 2 |
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