More ponderings, If Woolies were the sellers of the large number of shares a couple of weeks ago what would be the outcome of that sale?
It looks like they sold about 20% in the first week if so thats 20 million shares Gage does not need to buy back, a savings of aprox $600K and because those shares were traded prior to the closing date the new owners could then take up the offer for the rights earning another $500K.
After paying for costs of the reorganisation, the loan repayment and the buy back from woolies (at the reduced quantity) this extra $1.1 Mil. plus the 15% placement should leave about $4.6 Mil. in the kitty, a tidy little nest egg.
These figures are speculative as we don't know if Woolies were the sellers or how many they sold, but it is an interesting scenario.
GRB Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
