GMC 0.00% 0.6¢ gulf manganese corporation limited

Continuous Disclosure, page-19

  1. 2,345 Posts.
    lightbulb Created with Sketch. 539
    Here is your proof - this is from the announcement on the 30th of August

    "RESOLUTION 2 – DECLARATION OF DIVIDEND To consider and, if thought fit, to pass, with or without amendment, the following Resolution as an ordinary resolution: "That, subject to, and conditional on, the passing of Resolution 1 and for the purposes of Bye-law 138, a dividend of A$0.03 per fully paid ordinary share in the capital of the Company be and is hereby declared and in accordance with the Explanatory Statement."

    OMH has $65M cash plus inventory on hand - The $0.03 dividend will only use $22.2M cash reserves (as OMH has 740m shares). This is also only the half-year dividend.

    GMC's Convertible Noteholder has the ability to convert $6M for for 25% in the Project.

    If OMH really wanted to, instead of issuing the dividend for $22M, it could get a significant share of GMC's Project, but like me, wouldn't touch GMC.

    There is your proof - you could have found this yourself on www.asx.com.au

    The 12th of October is only 5 weeks away - this is a critical point for GMC, especially if GMC fails to satisfy those 10 conditions precedent

    GMC's share price is falling back to reality - oops there goes gravity
    Last edited by tt2000: 06/09/18
 
watchlist Created with Sketch. Add GMC (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.