My earlier post was wrong earlier about the options being out of the money. They have by negotiation, a value of $6.5 m plus a bit - see P92.
To my mind the Options convert into Conquest shares that reappear as Catalpa Shares due to a FOR vote for Resolution 4 & 5 on the green form. Then as per P 93 of the booklet 50 % of the Catalpa Shares are held in a Trust for 2 years.
By inference 50 % of the shares are available for immediate sale.
Longer term the Catalpa Shares transpose into Evolution Mining shares ( P 70) while held within the Trust.
At least thats how I think it all works. I'm no lawyer.
I think that the fact that all the planning has got this far indicates that the outcome is a forgone conclusion. All the big shareholders can enforce the desired outcome.
As small shareholders it is our duty to understand the Resolutions and continually monitor company proposals and raise the alarm when things look dodgy.
The shareholder approval of the non dilution rights at the last AGM is an example of shareholders being asleep at the wheel.
CQT Price at posting:
45.0¢ Sentiment: LT Buy Disclosure: Held
