Philley iv still got the base calculations/ figures on an A4,
Pre placement and Rights issue; 93.7 mill fully paid and 4.3 mill options exercisable at various dates.
Placement; 77.7 mill fully paid shares to issue in two tranches of 19.4 mill and 58.3 mill, if 2nd tranche approved then 38.5 mill options exercisable 30 June 2018,
Rights issue; 37.7 mill fully paid shares and 18.8 mill options exercisable 30 June 2018 if fully subscribed.
The first tranche of placement has concluded that is 19.4 mill shares and i assume the attached options of 9.7 mill options.
I assume know share holder resolution was not required for first tranche as it equates with 15% of pre issue shares . Although my calculation doesn't quite agree (93.7 mill × 15% is actually 14. Mill)
The above figures have been rounded off and some are from disclosed material, some are my calculation but should be correct.
I will be interested to see if right issue is fully subscribed. Management clearly expect major increase in SP near term to set the option price at 18 cents.
My thoughts are the options may well be worth aquiring while they attract little value as the leveraging potential could be huge assuming a re rate sell above 18 cents.
PTX Price at posting:
8.6¢ Sentiment: Hold Disclosure: Held
