My apologies, you are correct regarding Cap Raise pricing, putting the average buy in even higher.
Unfortunately though, on review of the IPO prospectus, it would appear that the those at the top of the list got in at 2.5c, through a conversion of Loan to Shares agreement. Thus they are sitting quite pretty in all of this.
And I think that may have been 1 reason all those performance shares were scrapped - the Institutions probably said (best read with a southern Texas drawl)
"Howdy Partner I'm here for like a chat and stuff regarding this here company D13... you gave yourself shares at 1/4th the price everyone else paid in the IPO, plus $20m worth for the initial Technology, and $10m to all the mates associated with the deal, do you really need to be giving yourself an extra $40m in Performance Shares for just doing what you promised you would in the first place?
How about you take your hand out of the cookie jar, and give us a reason to Invest, then you Do what you promised you would and make this company Great - and together we can push the value of your current shares up well beyond the value of all those freebies!"
ok.. so probably didn't sound like that... but maybe along those lines.
D13 Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
