d) IGS conducting a share consolidation in accordance with the Corporations Act 2001 (Cth) (Corporations Act) at a ratio the Parties consider reasonably necessary to allow the IGS to successfully complete the Capital Raising and ASX Re-Admission criteria(Consolidation);
Lets have a look at the other Okap's consolidations.
CCC. 1-10. post consol 28c from memory Current share price. .001c
RRS 1-20. Current share price .01c. Suspended for close to 6 months.
CTR. 1-100. Currently suspended since 10 May. .001 pre
ARK. 1-5 Currently suspended since Dec 2014 as it has not been able to meet listing rules 1-2 in regards to the asset test. People are trapped there. ARK also completely change resource.
Just like IGS. ARK was to raise $1m. But to date this has not happened.
IGS raising a minimum of $1,000,000 (or such other amount as required to meet the assets test and re-admission criteria of the ASX), through the issue of IGS Shares at a price to be determined by IGS and Winter Garden.
As here. The SI's that participated in the raising before anyone knew what was happening. Also hit HC with their propaganda.
As here. They wanted to sell their cheap shares before the planned consolidation and huge dilution. They need to sell before the consolidation.
After all. No rational person could argue to buy before a planned consolidation were the ratio has not even been announced.
Were 1,500,000,000 shares are to be issued.
Were a minimum $1,000,000 has to be raise on top of this at an unknown price just to be able to meet the asset test of the ASX.
As stated. ARK still has not met this 5 months later.
How could you possibly argue to invest now??? It's investment suicide. A conslo and huge dilution???!!!
Wouldn't it be better to wait and see?
See what the consolidation ratio will be.
See what the minimum raising of $1,000,000 will be at. This has to happen for it to even be able to trade again.
What if they don't meet this requirement like at ARK. You could be stuck.
Even after a consolidation. You have this very troubling clause. (I have high lighted.)
subject to the satisfaction (or waiver) of the Conditions Precedent, the consideration for the acquisition of an 85% interest in the issued capital of Winter Garden (Jardin De Invierno SA) shall be the issue of 1,500,000,000 fully paid ordinary shares in the capital of IGS (Consideration Shares) at a deemed pre-consolidation issue price of $0.005 per Share to be issued to the Winter Garden vendors. At all times the Consideration Shares will represent a minimum of 50% of the total enlarged capital structure of the Purchaser post Completion and will be adjusted accordingly
You can see these SI's trying to get out. It was always the plan. That's why they are here and why they will say anything they can to distribute these shares.
Given the history of this group. You can bet that they have been promised sweeteners at the other end of this mess.
But they have to sell And sell there are!!
IGS Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
