the only thing standing in the way of the share price now is La...

the only thing standing in the way of the share price now is La Jolla.

They use Sthrn Cross equities and by the looks of their trading using figures taken outside the annonymous period they havent bought a single share and have sold (almost) eveything they have converted.

There is still $345,000 unconverted which may represent approx 23 million units of overhang.

If they issue anymore notes this overhang will only increase.

I'm starting to think that maybe La Jolla set some unrealistic expectations about what their offering represented given Kos' statements about their strategic benefit.

The shareprice wont go anywhere whilst a funding mechanism like that exists. There is overhang in any issue of new stock, however, when you issue a placement, that overhang is immediate and definite. Withn a con note like this one, its ongoing and only limited by its termination.

Its a shame because ESI now appear to be doing the things they need to do from a business perspective. They could probably get a better form of funding on the back of the recent developments.

By the way, my AFSL hasnt been issued yet, hence why I can post (just in case anybody jumps up and down).
Oh, yes, I am now talking my own book as well because I bought shares at 2.7c average. :)