APG 0.00% 0.3¢ austpac resources nl

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  1. 133 Posts.
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    If all trades are at 1c - in theory Bergen can convert notes at .9 * .001 (rounded down to the nearest 1/10th of a cent). In this case .0009 and after rounding ZERO.

    In short, Bergen will be entitled to an infinite number of shares. WHAT A FIASCO.

    Response: ASIC should be all over this species of market manipulation - Bergen played our company for dupes and we (through lack of vigilance) sanctioned this at an EGM in February (talk about being our worst enemies).

    I confess I should have been awake and taken a proper look at the time - didn't look at the conversion mechanism in any detail - KEY FEATURE: They were in the money the more the price went down and boy did they skillfully manage (hammer) it down - made a fortune while we are left to bear the pain.
 
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Currently unlisted public company.

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