V8 this is how I think it is paying out.... all guesswork of course
MSP;
Feb 2010 Pandon (+Bell Potter Noms) comes in to MSP
May 2010 Outtrim (+Eko), McGeever, Pierce come in (Pierce was there in smaller way before)
2010 Broomfield, Cleaves, Landsberg come in with new cornerstone investors. All prior directors resign
May 2014 Poploch (Cadence) comes in
During 2015 HSBC Custody Noms holding (which was 2 Arab guys but both appear to have sold below 5% threshold) increases holding to 26.6m
Sep 2015 Pandon adds $280k 2c via option exercise and Fergus gets hired for new secure logistics plan
Jan 2016 large placement and big rights. KTM u/w and co-ordinate and shares on issue increase by ~100%
March 2016 rights completes, Fergus promoted to Executive Director few mths later
Form 604's never lodged by Pierce, Pandon, Outtrim, McGeever, Poploch
For the transformational rights/placement;
Prior to Jan 2016 rights underwrite deal, KTM held 1m 25c 4-Mar-2018 options (in prospectus). Suggests KTM had an advisory relationship with MSP before this deal... but doesn't appear to be a record of these options anywhere else, and as far back as 2010 were being issued at 2-3c I assume 25c is a typo 2.5c.
KTM appears to have split 8m u/w options to sub u/w'ers Bannaby (4m) and IFM (4m)
Placement getters appear to be;
23.2m Pierce
18m Bannaby
19.3m Dixon Trust
17m JP Noms
17m David South
16.7m Pac Development
15m Jay V
12.5m IFM
12m Fergus
9.6m Lobster Beach
7m Bevan
3.5m Citi Noms
5.8m UBS Noms
Placement sellers appear to be;
-23m Pierce
-19m JP Noms
-15m Jay V
-12.5m IFM
-9.6m Lobster Beach
-5.8m UBS Noms
Placement on-market supporters appear to be;
2m Dixon
2.5m Bannaby
600k Citi Noms
The placement/rights hook for sub u/w'ers and new investors must have been the new secure logistics business. It's just odd so many have bailed so soon in the transformation, considering AVA's success so far, and that stock traded mostly at or under the 3c issue price. They are not $50k s708 stag profiteers.
Outtrim, McGeever, Poploch (maybe pissed at the change and dilution) appear to have have sold out.
Pandon didn't participate in the placement/rights and it appears he financed hiring Fergus to kicked this off (his option conversion). However has sold down 23m or 55-60% of his holding.
HSBC Custody Noms increased to 30.3m (no single investor is reported as >5%)
FFT;
Sep 2015 KTM u/w and floated FFT
Pierce (19.2m) was pre-IPO and is a substantial holder
Pandon (3.6m), Poploch (1.2m) are Top 20 holders on IPO
Feb - Sep 2016 share price falls from 70c IPO and ~120c highs to ~20c
before the Sep 2016 AR;
+2.9m Bannaby
+1.6m IFM
+1.7m JP Noms
+700k UBS Noms (to 3.1m)
and Al Alhia (RSA Assoc) and other HSBC Nom accounts appear to be rolled up into single HSBC Custody Noms account with 35.6m
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I think not long after the Jan 2016 MSP rights/placement the sell down of Outtrim, McGeever, Poploch changed the shape of the MSP register enough that Broomfield etc, KTM and key investors hatched a plan to merge MSP and FFT to gain to greater share of AVA.
I think Pandon, Pierce and others (IFM, JP Noms) weighed on the share price to prevent the market from lifting it too far.
And I think not long after a merger, the new FFT will use its placement capacity to invite these key investors back on the register in a bigger way... Pandon, Pierce, JP Noms, IFM, Bannaby, Lobster, Jay V, and the middle east interests behind HSBC Custody Noms.
And the change in % AVA ownership will have been made. Onwards and upwards.
And also think the current FFT register and who has been buying stock over the last 6-12mths would be very revealing. I would not be surprised to see many of the same names in the MSP 2016 Jan placement then abrupt about-face and market sell down.
