The recent substantial shareholder notice shows Dingyi have voting power over 57,625,256 shares or 19%.
However, of these 57,625,256 shares, Dingyi is the registered and beneficial owner of only 14,676,163 shares, being the shares issued to Dingyi for the recent $5 million placement. So Dingyi are the registered owner of only 4.8% of the company.Dingyi thusfar has only $5 million skin in the game. They don't own the other 42,949,093 shares. They only have voting rights over them and can be trumped in the event that a superior alternative offer presents itself.
The 42,949,093 shares that Dingyi only have voting rights over comprises 39,495,092 shares owned by Pala and Stalker. Dingyi have gained only the voting rights to these shares as a result of Pala and Stalker accepting the offer IN THE ABSENCE of a superior offer. Both Pala and Stalker reserve the right to withdraw if the board receives an alternative offer for all of the issued share capital of the company which they believe represents an improvement over the price per share.... or is materially more favourable to company shareholders.
The other 3,454,001 shares again are not owned by Dingyi, but are owned by shareholders who have accepted the offer thusfar.
There's a long way to go yet....
K2P Price at posting:
53.5¢ Sentiment: None Disclosure: Held
