I really dont like it when the boards are related. SBN and SAY same chairman. SAY and their target (Hanwell) have same director/chairman. On the face of it this deal seems reasonable BUT i dont like it. So often the related company is a lender of last resort.
By investing $200k we get 800,000 SAY shares (400,000 per $100k con note)
Also when there is a cap raising in SAY we convert to more shares.
BUT, SAY and also Argus are both close to broke. Why would you invest $47k in Argus? and I bet it was a direct investment so that Argus (ASV)received the desperately needed cash. How many shares ? I hate it when announcments are unclear. you sometimes wonder if its deliberate.
SBN had about $1m they seem to have just committed $250k to $500k.. Cap raising coming for us?
I think SBN will need better than this if they want shareholder support.
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