In an effort for us to all understand what has happened to this share with respect to dilution effect, there was a lot of dilution but a lot of the issues were done at significantly discounted prices, e.g. from the Annual Report for the year ending June 2009 (note the low for FY 2009 was about $0.25):
"Contributed equity as at 30 June 2009 was 446.3 million shares and 5.8 million unlisted employee options expiring on 30 June 2010. The exercise price of the options is $6.00 per option."
"During the financial year, the Company allotted the following shares: 25,000,000 fully paid shares at $0.40 per share to an affiliate of Transamine, a long standing concentrate off take partner, raising $10 million. 15,207,500 fully paid shares at $0.40 per share to existing shareholders via a share purchase plan, raising $6.1 million. 38,000,000 fully paid shares at $0.60 per share were issued under the Initial Placement offer of Kagaras recapitalisation strategy, raising $22.8 million. 151,690,651 fully paid shares at $0.60 per share were issued under the Institutional Entitlement Offer, raising $91 million."
KZL Price at posting:
52.5¢ Sentiment: None Disclosure: Not Held
