Correct, and i suspect JG will end up balancing out his holdings of BLK, by purchasing more convertible notes as per AGM resolution #2. Why on earth would they ask SH to vote on it if it wasn't going to happen? I've been saying this for weeks....
Say he buys $7.5m worth of convertible notes at 19c to balance out his round about transfer to Polo.
The end result for JG is:
- Retains the same shareholding or equivalent holding via convertible notes
- Averaged down the price of this holding.
- Gained exposure to Polo at a significant discount.
- Pumped another 7.5m into a company that he has a lot to gain from (BLK), and allows them to progress towards DFS/BFS stage.
End result for Polo is:
- Increase holdings at 19c, which they would not ordinarily be able to do, via open market or placement,
- they own 49% stake in Perfectus which has $1m play money to be invested by a mining magnate.
- Option to buy more at a cheap price later.
End result for Shareholders is.
- We get 7.5m cash to keep progressing the development project.
- we get diluted by another 7.5%, something that was inevitable anyway.
It's a win/win/win situation...but the biggest winner is JG. That's why he is in the rich 200 list, and we are not!
Suspension, page-20
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