Totally agree and I am sure that Gandel knows how ridiculous the...

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D1326

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22/02/19

17:24

Post #: 37535736
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Originally posted by JoeBlow: ↑

The key you wrote is this, "if capital isn't raised at a stupid discount then this is a much much better outcome then what I was expecting. "

Also they are involving Patersons for the raise, which is good.

Also note this, "The support of the Octagonal Group is conditional on, among other things, the re-capitalisation plan being agreed to in principle by all stakeholders including all other creditors prior to 1 March 2019."

So they do have a deadline for the deal and we should be seeing another announcement telling us.

The company needs money, upon receipt of that Rogers steps down as frankly, he was the man that was in charge during the journey to this miserable point. I certainly would not like to see Rogers in charge of anymore cash! Gandel on the other hand needs something if he is throwing $5million at this problem. A board restructure is imminent considering that a 249D notice requesting a meeting to vote on the removal of Rogers is hanging around too..... so this announcement sort of addresses that concern and the group who brought the 249D up have got their scalp without the meeting and in a more palatable way for transitioning the "new" way forward.

There is no talk about a 5/2 capital raising but that there could be another serious problem, it would need shareholders approval. But a con-note I am not sure about. Patersons would be well clued up on this scene and know the ins and outs.

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Totally agree and I am sure that Gandel knows how ridiculous the 5 for 2 was and the CN at .35 cents were also crazy but if he is prepared to stump up more cash and we don't want a trillion shares out there then we will all have to participate.

CTL Price at posting: 0.9¢ Sentiment: None Disclosure: Held
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