If CGP sold their 75m IMU sharsc @ mid-point between .005 and .006, they would have received $412,500. Let's say they sold and got about $400,000. They just got themselves a non-dilutive, fairly large amount of cash. This, together with the recent placement, should keep the wolves from the door, for a while.
Management must have crunched their own numbers for in-specie, and found it made no sense to CGP holders (or to IMU). I think they absolutely did the right thing here. $400k does not come easily. Sure, they sold IMU at a low level (I feel pretty good about IMU- have made posts on the IMU thread, if anyone's interested). I have to say well done, CGP management. We can now make more nose thingies, or market them more, or whatever we'll do.
We must not forget to sign up fora free nose thing, as per ANN. The IMU sell ANN took over what was a good ANN for the product. Onward and upward, CGP holders. If CGP ele3ct to sell the final 250m IMU shares, they will get a further $125,000 if they ell @ .005, or $150,000 if they sell @ .006,etc. More cash for the CGP kitty, and less overhang for IMU. Not too bad!
CGP Price at posting:
3.4¢ Sentiment: None Disclosure: Held
