'In the event an election is made to fully convert the facility limit under the Secured Facilities, the corresponding number of IDC shares that would be issued under the Conversion and subject to IDC obtaining the requisite shareholder approvals, would be 382,653,061 shares.'
Nectar,
How do you feel about your holding being diluted by
a further 28% (and for all intensive purposes we may as well use the term
'overnight') ? Note that this is before any potential CR and/or JV well and truly dilutes everyone out of the ballpark.
But please don't thank (or blame) me. Instead why not thank the former board and management who in all their time/knowledge/wisdom produced very little
real value for shareholders IMO, despite their $100+ million spending spree. This gross mismanagement (again IMO but DYOR) has resulted in
MASS DILUTION that has destroyed the wealth of LT shareholders, and unfortunately we are now witnessing the snowball effect in full swing, well after their departure.
Plus who knows what other legitimate debts may emerge in curial process and how they would rank against the secured creditor's current $3+ million loan. Then there's the T
rade and Other Payables (TAOP) outstanding i.e. current liabilities excluding borrowings and short term provisions, which totalled $6.7 million as at 30th June 2014. Despite conversion of some TAOP (i.e. directors fees etc.) into shares since then, I see no evidence of the rest being paid in full, plus any other additional TAOP that may be outstanding since 1st July, 2014.
Whilst I am no longer a holder, I have a close family member who is (am sorry to say) and whom I now represent.
