RUA BIOSCIENCES ( Hikurangi)

[nztx]

Can anyone see how the shares on issue went from 14.47m per the 2020 annual report to 100m per the Product Disclosure Statement?

Yes - a share subdivision - see clause B of the 15 Sep 2020 resolution - link to pdf on Companies Office site


https://app.companiesoffice.govt.nz/...DDF1E726B829A4


"The Company proposes to undertake a share subdivision pursuant to section 48(c) of the Companies
Act 1993 and clause 7.1.2 of the Company’s constitution, at the ratio of 1:5.882 Shares with fractional
entitlements being rounded up to their nearest whole share (Share Subdivision). The share capital of
the Company (on an undiluted basis) will increase from 17,003,096 Shares currently on issue to
100,012,225 Shares on issue as a result of the Share Subdivision."


This increases existing holders stakes (before subdivision) up to 5.882 shares for each one held before

At least this method of existing holders obtaining / creating vendor value doesn't put additional intangible balances
on the company balance sheet, even if it does represent creating a mere $41.5 million (at Float IPO 50c level)
windfall bonus for the earlier stakeholders, be that locked in or whatever, subject to the market winds..


There have been other Share Capital increases before this in March, May & June 2020 -

"Update shares" on the following coys.co.nz page refers to these -

https://coys.co.nz/:entity?no=648409...CIENCE+LIMITED