Well, they're not coming too far...just far enough to boost...

Well, they're not coming too far...just far enough to boost JPR's performance through additional seed funding to allow entry into the London market, to the benefit of all shareholders, when the JPR reserves are upgraded.

gibba said in an earlier post:

"Looks like the game has changed. The Russian basically has control now and will own close to 40% depending on final underwriting.": totally wrong on both the control and the 40% comment!

I submit the following in support of my post:

The Russians are unlikely to get anywhere near your 40%; but will have a much needed influence through their Board membership - ripper (not the Yorkshire type)- just what we need to supercharge the Company!

The top 20 shareholders in the last Annual Return are likely to still hold 40% of existing shares; the top 20 names will have changed since the last Annual Return but the top 20 will, I expect, remain committed to JPR; assume 100% take-up of the 1 for 3 non renounceable Rights Issue priced at 2.70 cents.

Of the remaining 60% of share holders, let's assume 50% of them take up the 1:3 offer; that leaves, imo, 30% balance that Waterford could obtain through their underwriting.

So! let's assume the final (rounded) details, after all new shares are issued are as follows:

Total shares on issue 1503 million shares

Waterford placement 132.9 million = 8.84%
Waterford Converting Loan 72.4 million = 4.83%
Waterford RI underwritten 101.8 million = 6.78%
----------------------
Total Waterford shares 306.1 million = 20.55%
----------------------
Soyusneftegas Converting Loan 72.4 million = 4.83%

Total 'Russian' shares 378.5 million = 25.38%

Note that in the above scenario, Waterford are owners of more than 20% of JPR shares.

'Under the current [ASX] law, a person is prohibited from
acquiring voting power in a public company beyond
the 20% threshold, either without making offers under
a takeover bid or through certain other approved
avenues, including making the acquisition after
shareholder approval'.

So, Waterford would either have to sell some shares in the above scenario to remain under 20% or make a takeover offer; no doubt to the advantage of fellow shareholders.

If the 'Russians' were related and associated parties, then the two could not own more than 20% of the shares without a take-over bid being triggered.

The JPR announcement was careful to point out that the parties were 'an unrelated and unassociated party'; so, no take-over triggered.

The 'Russians' don't have a history of playing for peanuts!

They are there for the ten bagger and not to bag the other shareholders.

Nice to see the sp remaining buoyant today :)