Fredo, Look at the placing and the swap agreement as two completely different transactions and you may be less confused. The 3.5b shares came about from the placing to raise £980k. 980,000/0,00028=3.5b. Forget the 3.5b when calculating anything to do with the swap agreement as there is no relationship other than to generate the the 292m figure and even that is a bit of a red herring. Instead of working down from the 3.5b work out how many shares would need to be sold at various prices to cover the payment due to XTR, even using the benchmark price of 0.0308p they would only need 2.8b shares to cover the 12 payments leaving 700m to cover the 13th (or 1st) payment. Try to see through the smoke and mirrors and it becomes clearer. Hope that helps you and your following.
I lost a bit here and gave up long ago. I frequently read this board just to keep in touch with developments at Manicam. But could I ask you regular contributors - Snooty, Saxon, Space and Scouser etc... Are you actually making some profit here or are you waiting for better days next year or when CB gives us better news?
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