The delay in the entitlement and replacement 3B's show that the underwriting fee went from $75,296 cash in the first 3B to 7% of funds raised, $20,000 cash and 2,500,000 shares in the latest one. This is on top of the 2,000,000 free consultant shares recently issued.
Shares on issue in the 3B lodged at the end of last year showed 35,658,235 shares on issue. If you add the 2,000,000 consultant shares, the 6,000,000 placement shares and the 43,026,501 entitlement offer shares you arrive at a total of 86,684,736 SKN shares. The latest 3B shows 87,022,736 shares, a difference of 338,000 so have they added the 338,000 consultant options to the wrong column? If so, this then affects the number of shares to be issued under the entitlement offer.
SKN Price at posting:
3.1¢ Sentiment: None Disclosure: Not Held
