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MMA Offshore recap $100m deal, page-16

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Salty18

176 Posts.

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16/11/17

15:51

Post #: 28859807
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Originally posted by The Rad ↑

It is actually much worse than that. I would call it an abuse of process.

They will issue 112 million new shares to institutional shareholders (reads we decide if you get any) and these will be issued on Monday 27 November 2017, just before the Tuesday 28 November 2017 Proxy cut-off. We can assume that these shares will be voted by the Chairman as he sees fit.

The retail offer to the rest of us including Halom who currently has at least 66,045,938 which is 1:1 will not issue shares in time for the AGM instead they issue 11 December 2017, well after the AGM.

What the board have done is to issue 30% more shares (112/373), to change the AGM results.

That hook on the wall just outside the boardroom, its where you hang up your morals and ethics on the way in.

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Wow I reckon you're spot on Rad.. they're issuing 112mill shares prior to the AGM, to insto's that will vote to support the board in order to save there own hides! Incredible By my calculations when all is said and done (ie. full take up), there will be 870mill shares outstanding, which is an approx. 125% increase on today's position.. is that right? Happy to be corrected..

MRM Price at posting: 23.5¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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