solid buying support, page-4

auto,

your post just confirms you dont know what you are talking about.

the convertibles (AXOG) pay a 7%pa coupon, ie 7% of the $0.95 face value. so $0.067 pa in cash interest payments until conversion on 30 June 2010 i think it is.

so $0.067 x 2 x 50m = $6.70m in int payments over the next 2 years until conversion to fully paid.

so out of the $50m they would be down to $44m by 2010. again the convertibles convert into fully paid.

there are currently around 150m fully paid on issue and 10m opts (i dont know the strikes but they would be out of the money now i guess). so upon conversion there will be around 210m fully paid ords.

so if they sell 50% of balla balla they will probably issue another 200m share or there abouts and the company will then get the funding. its pretty simiple.

so before you go shooting your mouth off you really need to get your head around how this works.

as for the comments about the price today, i only saw it at $0.35 and $0.36 so it was good buying at $0.30. i have to admit if i had of thought i would go that low i would have put in a order at $0.305 but i didnt think someone would be stuipd enough to sell at that price, who knows probably margin calls because the short position hasnt changed.

also, does anyone have any news on why Merrill's hasnt lodged a change in substantial shareholding if the shares were given back to the original owners?

myopic, thats one for you to find out i you can.
im waiting for Michael West to do a piece on this situation.