Reason being that this dog is being kept afloat by IG and, if we piss him off, it could go down the gurgler quicker than a schooner after a hard days work....
-With near $10mill AUD in value of AYC/AYCO this is not going down the gurgler unless you believe AYC is ?
- Gandel would have seen the writing on the wall round the ORS opts ...they knew they wouldn't be in the money so go to plan-B and move to de-list ORS and in turn pay out the other holders out (320k) from the money raised (this gives them the cover to take much more control of ORS but really they will get back most of the 1.5mill cash anyway)
....then give just enough AYC shares to get the extra 25% vote to get "The Deal Gandel want"
-Much better in principal for all ORS holders- the sale of the W.A leases (not sure of value but must be worth a few dollars)
-Gandel receives AYC/AYCO shares to pay back 1mill debt owed-- 25-26mill AYC
-Cash held (200k + asset sales) used to cover cost of distribution of the rest of AYC/AYCO (likely cash left over) ..plus we would save on PAY to mgmt for the next how many months!!!
-the ORS opts expire worthless as the company is not a going concern ....(or if they do convert the cash is then distributed after all costs to "All Shareholders"!!)
One way looks after the BOYs at the top the other equal for all
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Selective Capital Reduction A reduction of share capital occurs when any money paid to a company in respect of a member's share is returned to the member. Section 256B(1) of the Corporations Act provides that a company may reduce its share capital in a way that is not otherwise authorised by the Corporations Act if the reduction: (a) is fair and reasonable to the company's members as a whole!!!!!!!!!!!
ORS Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
