ok, here is my take:currently we have 255.62M share fully...

ok, here is my take:

currently we have 255.62M share fully diluted, Glencore own 6.4% (=16.36M shares) according to the latest presentation.

After the initial placement Glencore will own 25.75M shares out of a totla of 265.01M shares bringing them up to 9.72%.

Facility A at $20M is convertible at 25.1cps. This will bring Glencores holding to 105.42M shares out of a total of 344.69 which is 30.59%.

Assuming a shareprice of 40cps for Facility B will bring Glencore's holding to 49.06%.

Looking at the other Facilities C to E which are debt facilities and will need servicing and considering the timing of these facilities I don't think YTC will be able to buy out Facilities A and B.

Which will leave Glencore with roughly half of the company.

Happy to be corrected.

I would assume that Glencore might make a full take over bid at some stage. And I would assume that this ould be at a premium to current levels.

Merry Christmas all.