GMC 0.00% 0.6¢ gulf manganese corporation limited

Ann: Share Placement to Advance Kupang Smelting Hub Facility, page-43

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  1. 269 Posts.
    "The issue price of securities issued under listing rule 7.1A must be no lower than 75% of the volume weighted average price for securities in the relevant quoted class calculated over the 15 trading days"

    From my very draft calculation, the VWAP of 15 last trading days prior to suspension was 0.034 which makes the 10% issue price cap at no less than 0.025/6 per share. However, the Board plans to seek shareholder's approval on the issue @ 0.015 (see plan to send out Notice of meeting) which means the above cap will not be applied if the resolution is passed by a majority (50% I believe) - which is very likely since most of these shares will probably go to the top 20 of the company who hold more than 50% in aggregate anyway.
 
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