E88 holders would have some understanding of this miraculous...

E88 holders would have some understanding of this miraculous good fortune for the founders of ICQ.

AFR 15/12/20

Since 2014, south-east Asia-focused online classifieds business iCar Asia (ICQ) has made less progress than a Bangkok traffic jam, which explains why shares have slipped from $1.70 back then to 42¢ on Tuesday.

So shareholders must have been chuffed to get a $217 million, or 50¢ per share, conditional takeover bid from Chinese digital player Autohome Inc on October 30.

On the same day it received the bid, iCar's board decided to draw down $1 million of a previously untouched $5 million loan facility agreed with Patrick Grove's Catcha Group in 2017.

Grove is also the co-founder of iCar and a current director.

Under the terms of the facility, the $1 million drawdown meant iCar issued 7.56 million shares at an exercise price of 20¢ each to iCar directors and co-founders Grove and Lucas Elliott, due to their interests as co-founders of Catcha Group.