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in reality... they have to dump them quickly... as going over 30% is not an option... they don't want to own it outright!! :)
295h TR1 still had 970M shares another 500M added today to hit market next week, in total 1.47 Billion shares
to shift before the next tranche, would suspect, aware of an upcoming event, having added more when already
holding nearly a billion shares
Have to , as usual wait and see , if the next news just a help the dump on its way or for e.g. that £1m+ contract
in negotiations (under NDA) finally becomes a reality with a household name attached or better still they arrive
with RNA's like buses and ICON breaks free of its rock bottom sentiment and market valuation. GLA
yeah I don't get it?
The conversion rate shud rise thus limiting the dilution?
GL.
So the RNA states the HIGHER of 90% of nominal or vwap during the applicable period
So what is the applicable period ???
list makes little sense to vwap which it should be or some serious typo's in the issue of
equity RNA's
Do they even know as based on the HIGHER of line in the original RNA below seems
to make ya think do they even know
07 Apr RNA Conversion £ 50K for 555,555,555 = 0.009p 90% Nominal? or 52wk low Apr 0.013
21 Apr RNA Conversion £ 50K for 555,555,555 = 0.009p 90% ditto
07 May RNA Conversion £100K for 500,000,000 = 0.020p 90% vwap 0.02+?
19 May RNA Conversion £ 80K for 800,000,000 = 0.01p nominal or wft happened to vwap
02 Jun RNA Conversion £50K for 500,000,000 = 0.01p ditto
notes can be converted at the HIGHER of 90 per cent. of the lowest closing volume weighted average price (VWAP) of the ordinary shares during the applicable period preceding the date they are to be converted and the nominal value of the ordinary shares.
applegarth,
That would only be the case if they converted at VWAP rate. If they continue at 0.01p on a higher SP, all it means is EHGOSF at 0.03p treble, or at 0.04p quadruple their 'investment'.
and there by holds the current stalemate, unless they allow it to rise it wont it could quite easily
double and end the day flat at they dump and then convert the next tranche at similar or lower
that current price its not called death spiral finance for nothing.
Only if they can be talked into a more controlled exit by the company will we se any sort of even
steady small rises just look at ukog theirs has been going down for years on successful drilling
and increasing production
It will otherwise take a CARLSBERG RNA to break free and set a new basecamp much higher where
the conversions and dilution become less disruptive
Or as the BOD stated in RNA earlier this year a more conventional balance sheet in play and new II
shareholder has expressed an interest in funding once established (pay off EHG and move on)
the
Sorry for the typos got wrong glasses on
So a higher SP would help clear the financing quicker
Yes of course that is why i am so positive in believing it is IN OUR INTEREST to be hopefuk for small rises taking us slightly higher from the lows each time Ehgos sell. But the small rises will be gradual unless we get real blockbuster news. Imagine if the sp doubled then that cuts the exit time almost by half if Ehgos took advantage. Simple maffmattiks
So a higher SP would help clear the financing quicker
Yes of course that is why i am so positive in believing it is IN OUR INTEREST to be hopefuk if small rises taking us slightly higher from the lows each time Ehgos sell. But the small risrs will be gradual unless we het real block buster news. Imagine if the sp doubled then that cuts the ecit time almist by half if Ehgos took advantage. Simple maffmattiks
Buy the dips
seems like they are getting them much cheaper than either of those conversion rates
However
Do remember reading something in one of the RNA's about aggregate as each trance conversion
would also include various fees (paid in extra shares ? ) so the £50K is net to icon the gross £???
soz typo yes £330K
This in 30th March RNA so is this also included in the total £2m ??? if so makes £1.63m
Pursuant to the terms of the Deed of Issuance, the Investor agreed to provide finance to the Company, and to date, the Company has drawn down net monies amounting to £1,300,000 in aggregate under the Deed of Issuance
So a higher SP would help clear the financing quicker.
Not sure on the total as this was arranged to replace the previous arrangement so not sure if or how
much was already owed, the only further drawdowns on the RNA list since 7th Feb only total £320k
7th & 21 Apr £ 50K + £50k
7th & 19 May £100k + £80k
2nd Jun £ 50k
EGHOS has converted £330k out of £2 million so £1.67 million of debt to go or 16.7 billion shares at conversion price today.
No consolidation is needed at present as nominal price is way below share price so more debt conversions can happen.
7th Feb RNA - Waiting in the wings once balance sheet improved.
In parallel, the board consulted with its advisers and has also certain institutional shareholders to canvass views on the best steps towards the stated capital aim while enabling the Company to continue to grow. While the institutional shareholders consulted indicated that they would consider participating in an equity offering once the balance sheet was more conventional, they held a consistent view that there was not appetite to successfully place equity before this has been achieved. This confirmed the view of the board that the move towards a clean balance sheet is the correct aim, but that it cannot be achieved in one step. Specifically, a placing or open offer to enable the Company to settle all existing amounts owed to the Investor and provide growth and working capital to the business is not possible at this time. However, on the basis of the consultations with the institutional shareholders, the board is confident that there will be interest in providing equity funding once the situation with the Investor has been resolved.
So how much of the £ 2,000,000 have they had?
With NEW contracts of of decent size and number
ICON could just we are able to self finance and so terminate
any agreement once the minimum £ 2m is met. One thing is certain is a share consolidation.
Too many shares in issue.
7th Feb RNA - NOMINAL V VWAP???
The principal terms of the new funding under the Financing and Settlement Agreement are that the Company will be entitled to draw down a base amount of £250,000 per month (subject to upwards and downwards adjustments primarily based on trading volumes), and each month convertible loan notes will be issued to the Investor which it will then be able to convert and sell prior to the next tranche. Each note issued has a duration of 12 months from the date of its issue. The notes can be freely transferred, will not be listed on any financial market and are capable of being converted into ordinary shares. Once issued, the notes can be converted at the higher of 90 per cent. of the lowest closing volume weighted average price (VWAP) of the ordinary shares during the applicable period preceding the date they are to be converted and the nominal value of the ordinary shares.
are they commited to at least use £2million
("Financing and Settlement Agreement") to secure additional financing from the Investor for a gross amount of up to £5,000,000 with a commitment by the Company to draw down on at least £2,000,000 of funding, with the decision of the Company as to whether to take more that £2,000,000 being in the sole discretion of the Company.
3rd March RNA
The majority of the shareholder deficit is the debt owed to European High Growth Opportunities Securitization Fund (EHGO) and further debts owed to professional advisors relating to 'one off' costs associated with dealing with legacy costs and the costs of the prospectus. The operational debts of the ICONIC business are less than £150,000 and include deferred salaries from the directors. The Company has fully budgeted for these amounts and still plans to draw down a total of £2m, the minimum possible under the new Financing and Settlement Agreement. When combined with increased revenues, this capital should enable the Company to meet its previously stated aim of resolving balance sheet concerns prior to the end of 2020.
https://polaris.brighterir.com/public/iconic_labs/news/rns/story/x2o74mr
Odd that it was 0700 - normally intraday or after close - and for a smaller amount.
Oil Novice,
The issue of equity has to stop soon. Feels like a vicious circle at the moment.
Thing I am not sure about is can ICON just cancel the Financing agreement should they get some decent size contracts or
are they stuck with EHG.
wolves - surely you must have been convinced by your trade in this stock (to go up or drop if you are short)? What did your research conclude? How have you valued this company? What timescales? Exit strategy???
It was very clear that they will issue more equity and rumours from 'Dave' on social media are just that, rumours...
If you want to make a quick buck on a random tweet then you're better just putting the money on roulette - it's just gambling.
We can't win here guys, fighting a losing battle.
Rumours of a contract yesterday, SP moves up and EGHOS sells into the spike ? -15% today.....