Bergen, page-6

Dyor on Bergen and the small asx companies they have gotten into bed with.
I bought this without much research few weeks back , hoping for a quick turnover. Then i realised they had a recent convertible note with Bergen. I was hoping for a pump but as usual the thing goes backwards as Bergen just convert at a price lower and sell. Its always at a discount to current prices so they always make a fast buck.

"The conversion price of the Convertible Securities will be, at the Investor’s (Bergens) discretion, either
a. 90% of the average of five daily volume-weighted average prices (“VWAPs” of the Company’s shares during a specified period immediately prior to the date of issuance of the shares on the conversion, or
b. 140% of the average of the daily VWAPs of the Company’s shares for 20 consecutive actual trading days prior to the date of execution of the Agreement

I think management had their backs up against the wall with no money left, and Bergen style convertible note was their last chance of survival.
Can't blame management totally, as the entire speculative market is finding it difficult to raise funds. It's so vital to have cash at bank and viable high potential projects.
Our problem is cash, we have none at all.

I will probably cut my losses shortly, that's life.
In my opinion and Dyor.
drifta