It all makes sense sadly. Octagonal is lending $2.17m to the company ie Gandel.
At a conversion rate of 1 for 1 and at 0.0044 cents = 493.2 million shares. He's already got 132m (+ options) so 625m odd afterwards....
Not to mention all the "employees and suppliers" in on the same deal.... say $1.5m debt at 0.0044 = a further 341m.
The notes see 835m shares - new ones - against the 1,044 million already out.
Tht number of shares, discounting existing holding would take Gandel way over the 19.9% threshold hence the requirement to get exemption from the takeover provisions.
Gandel would have circa 35%, possibly more dependent on who gets the 'other' notes - to which we are entirely in the dark about......
This is the de facto privitisation right here - and in plain sight. I hadn't run the numbers previously.
And exactly why, imo, the $10m capital raising - so called - is nothing but a smoke screen....
The real action is with the notes. Pure and simple.
My question - no independent director - note issue authorised and being implemented by parties/directors with clear conflict of interest - how is this even remotely kosher?
As for the Independent Experts Report, what expert in their right mind (though we all know $$$$ talk) would back this audacious takeover?
Timing - can't say this is gospel (time pressed sorry) but:
(20min delay)
