If this is true, the efforts made by directors to dissuade people from converting to shares, accepting a new note on unfavorable terms, would be viewed as a shabby form of manipulation. Clearly, this cannot be the case.
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Alan you will have to be careful reading this thread, laughing out loud then nearly falling off your chair. You don't want to end up on the floor which appears to be where the NZF share price is heading.....
At 0.06 this will be a disaster for the company and the major shareholders, I wonder if they will find the cash to buy the notes? I know we all suspect they don'y have the cash but Mr Huljich surely does and the only question is does he want more exposure to this company in this market. I would think not, I think he got his shares at around 0.53 so although he could average down I don't think there is enough appeal to do so.
Bruises are healing :-)
Not sure how it is bad for the company? The company itself would, I guess, prefer that all the debt was converted to equity, but apart from that, I don't see how 'it' would care about its own share price?
The existing (and prospective) shareholders on the other hand - they will care a lot!
Alan.
Well I did say "Company and the major shareholders" and in reality who is "The Company" it is the shareholders. All current shareholders will have lost money at an SP of 0.06 as this is an all time low. If the major shareholder had of sold out at $1.50 he waould have got $26.8M and some change, if he sold out now he would just have the change!!
That is why some independence is needed on the board, the board currently (according to companies office) consists of the major shareholders who as human nature dictates would obvuiously make the best decisions for themselves ahead of the company and other minorities. At this price it will be disastrous for them.
First of all, apologies for nearly knocking Alan off his chair ...
We are now approaching the point of no return ... election of takeup of the new notes by the 24th.
Yes we are into the last hour..........
If there are no more trades I think the conversion price will be around 0.11 the big question is how many will be issued? If there is $13M then that would almost be 120M new shares or 196M in total which means the majors would reduce to around 31%.
Hey Enumerate, maybe you did knock Alan off his chair......I see he spelt his name wrong on his last post!!