It was a 30m bond issue with Thorney investments taking a big stake. 13.3m options are still outstanding according the latest announcements, so all up about 15m bonus options I assume.
There will be dillution however, the capital paid to MNY upon exercising MNYO will be invested into the loan book, circa 17-18m if all of them are converted which seems highly likely.
So, although there will be about 8% dillution from MNYO, some of this will be offsett by the increased profits from a larger loan book in the future.
The real dillution events are the employee options which all have strike prices well below current prices and the company is growing strongly, meaning they're highly likely to be awarded over the next couple of years. There were about 27m total options with about half MNYO, and half employee options as at FY17 report.
Check out the annual report for yourself, its about 17% dillution potential total.
MNY Price at posting:
$1.80 Sentiment: Buy Disclosure: Held
