Interesting earlier than expected trading halt. I wonder if this is the formal takeover, if so, then it happened a lot sooner than the 18 months they were allowing themselves.
The price includes 200m shares, and when the 1c Options are converted in 2014, that will total just over 1 billion shares quoted, plus there will need to be a 2014 capital raising, so we are soon going to be in the 1.1 to 1.3 billion quoted shares range.
I wonder if they are going to propose a share consolidation as part of the change of name and relisting procedures? I normally would not support a consolidation, but in this case it could be an advantage because the company is registered and attempting to raise funds in the USA where small caps are expected to have a small number of quoted shares, and some say it is almost obligatory in order to raise capital in North America. The way this is progressing, I don't think it will affect shareholders that much, and if it is necessary to raise USA funding, then so be it.
Gw
ECQ Price at posting:
2.8¢ Sentiment: LT Buy Disclosure: Held
