Sucks to be one of those partly paid shareholders. I haven't seen an out of the money call in action before so I wonder if they'll actually get paid. Anyone know what recourse the company has short of court action to recover the funds from a reluctant holder?
You could make a weak argument that if you wanted to acquire 40m shares you'd probably pay close to 6c on market anyway but it would be a bit hard to swallow given that masses of shares were just issued at 1/2 that price. In fact the cruelest irony of all would be that the people selling to you at 6c would probably be placement getters taking a 100% profit.
I wonder if Exchange is one of the holders.
ECM Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Held
