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I met with management circa 18 months ago and the convertible notes issue was discussed. It is very disappointing to see what was said in the meeting. ie convertible notes wont be a real issue has not transpired.
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Originally Posted by Westboy
I met with management circa 18 months ago and the convertible notes issue was discussed. It is very disappointing to see what was said in the meeting. ie convertible notes wont be a real issue has not transpired.
It is worth reading the original notice of meeting from when the issue of notes was approved. In particular, Annexure A contains Robin Ormerod's letter to shareholders in regard to this issue which will give a better overview to the history. I also note that the 3.37cps price was identified in there, although I had not picked that up earlier and had only noted that from an email enquiry I submitted earlier in 2013. http://www.asx.com.au/asxpdf/2013092...qst8s6vvws.pdf
From the latest substantial holder notice, it appears that only a very few of the converted shares have been sold so far and that Robin Ormerod continues to hold the vast majority of those issued, with little apparent likelihood of selling. He is also foregoing the 11% interest by converting, with no guarantee that he will ever be able to sell his shares - a risky proposition since he took out his own loan in order to provide funding to the company.
The large selling in December seems likely to have come from one of the other larger holders with no more than 6m shares, which are likely to have all been sold by now and may have been sold for reasons unrelated to PEH prospects. Of course, it is also quite possible that there was a little pump required in order for the broker to find a market for such a sale.
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