News: NWH NRW Holdings To Support Gascoyne Resources With $12 Mln Loan Facility, page-23

Some further musings before the Cricket starts ...

Firstly, there are three 'CBA' accounts:

• Avanteos Investments [ACN 096 259 979]   
• Colonial First State [ACN 114 194 311]  
• Colonial First State [ACN 002 348 352]

The Avanteos account has only 10,000 shares so let's ignore that.

But the Registered Holder of the other two accounts is Citicorp Nominees (who controlled 46,112,397 shares or 8.95% of GCY on 7/11/2018).

So who pulls the strings - CBA, CFS or Citicorp Nominees?  

Looking at the 3B on 28/8/2018 following the institutional component of the CR:

• Before CR = 434,702,028
• CR = 63,966,667 (ie oversubscribed on proposed 50m)
• After CR =  498,668,695

The CR is roughly a 1 for 6.8 to stay undiluted, remembering that new shareholder LIM took up $10m (or more than 50% of the $19m raised).

So what did 'CBA' take up in the CR?

Overall, some dilution, particularly in the '352' account (1 in 17).  But again, the new shareholder LIM had to be accommodated.

But most of the dilution as at 18/12/2018 resulted from the net sale of 5,207,404 shares after the CR (ie 4,600,000 - 9,807,404).    

My summary table from the previous notice is shown below.

And a plot of each account since the previous announcement.  Seems to me that a decision was made to close the '352' account around 28/8/2018 and they sold relentlessly to a low of 8.8c on 4/12/2018.  Why?