My numbers for the Con note guys was closer to $2 million for the 8 weeks.
MAGNA PROFIT FEST
So, MAgna handed over $2 million AUD on 16th June in exchange for 1,522,400 notes with a face value of US$1.10.
They convert 200,000 notes on 23rd June at 11.655 cents each and receive 2,479,772 shares. The market is at 16 cents and we could safely assume they sell into this and cash out $409,162.
They then convert another 200,000 notes on 3rd August at 11.727 cents and get issued 2,341,795 shares. Market is strong at 17.5 and we could assume they sold into that price, so cash out a further $409,814.
They then convert another 300,000 notes on 8th August at 11.823 cents get issued 3,499,022 shares. Market is strong at 21.5 and we could assume they sold into that price, so cash out today a further $752,289
They then convert the balance 822,500 notes on 15th August at 11.835 cents and get issued 9,708,839. Market is strong at around 25 cents and we could assume they sold into that price, so cash out a further $2,427,209.
So, a total cash out of $3,998,474.75 or a profit of $1,998,474.75 AUD in the 8 weeks since they parted with the cash.
A neat transfer of $2 million from mum and dad PPP sheep to the coffers of the con note holder.
Does anyone even remotely doubt that the whole exercise over the past weeks has simply been designed to cash these guys out with some volume? or do people really still believe the licences are on the minister’s desk about to be issued?
Not one word from the Company in all this time with the share price reacting to what? PPP speculation most likely.
Didn't PPP write glowingly about it last year (july) just before a capital raising at 28 cents? that was handy...
It will be pretty easy for regulators to see if Magna are holding any of these 18 million shares that were issued or if indeed they dumped them into the volume of the past weeks. If they have been cashed out then am sure it won't have gone unnoticed that it seems extremely orchestrated and convenient.
Can they wash the next $2 million the same way? can they get away with it again so close to this one? It wouldn't suprise me with this stock.
AVQ Price at posting:
19.0¢ Sentiment: Sell Disclosure: Not Held
