Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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diflynch....great posts
Thank you
GL
Regarding HUR issuing shares in redemption of the CB - the shares are at nil real cost but at the cost of some dilution to existing shareholders. This is to a significant degree offset by the accompanying fall in the company's interest payments, so is broadly a positive.
dflynch,
Okay fine. You got me.
Double your stake here please on the basis of your interpretation.
Slift
I dealt with all your nom-de-plume comments yesterday.
I am sure others will read all the comments on the matter and decide for themselves - the professional of the amateur.
What kind of financer would accept terms that lets the company settle its' debt by issuing shares at a fixed ratio, regardless of share price development? Settling in shares is naturally the privilege of the issuer, and would only apply if the share price was above $0.52/share.
dflynch,
Are you in denial?
Both Joesoap and I have tried to clarify your calculation and interpretation of the CB documentation regarding conversion.
Yet you decide to ignore us and carry on, it's rather amusing.
"The required 442,307,692 shares at current SP would require the expenditure of some £11million."
This is false.
Any thoughts on this anybody?
Hurricane has issued a Convertible Bond which matures in July 2021.
Hurricane has the option to issue 442,307,692 new shares in settlement of its maturity obligations. Effectively an 18% dilution of existing shareholders.
There has been discussion about the strategy of purchasing these CB’s at their currently discounted price. Hurricane is not permitted to do this piece-meal and would therefore require about US$125million to purchase the whole issue at current discounted CB prices – if CB holders would allow it!
An alternative is to purchase some, or all, of the required shares from existing shareholders. The required 442,307,692 shares at current SP would require the expenditure of some £11million. Clearly any such large purchase would affect the current SP. But if the BoD were to make a “tender offer” at a price of 5p I am sure many would take-up the offer.
Substituting re-purchased shares for those new shares currently to be issued in July 2017 would reduce the dilution.
It is a bit “smoke and mirrors” - but isn't that what company finance is all about?
I am sure that contributors will have their own slant on this novel strategy.
So – any thoughts?