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1/ kmh - - I'm one of those 'old holders' that you are maligning, and I know plenty of the others. I am sure that most of us 'old holders' want this to succeed so that we can retrieve some of our money. I have not been watching the selling but I gather (from some of the posts on this BB) that there have been some big sells going on. Past directors maybe, for they hold the sort of volume of shares from which to sell large amounts. 2/ Now, from this document ( http://www.rns-pdf.londonstockexchange.com/rns/5359J_-2014-6-12.pdf ) I see that page shows details of the Options details:- On page 132, item 10.1 the options (post consolidation) are listed, and the options of the latest batch of VIY directors are shown as one hundredth of the number of shares that they are now. The exercise price is 10 pence which is 100 times the exercise price it is at now, and that 10p price is at a discount (of about 9%) to the Placing & OO price. I note that the target price of 0.5p has been carried through and not altered to 50p, so it would seem that there is no longer the level of incentive that currently exists. The consolidation will have achieved an sp far beyond the 0.5p target. I further note item 10.2.8 "Lapse" - - which states that if the "grantee ceases to be employee director of the Company at any time the Unapproved Scheme award will lapse immediately" unless the ceasing of employment is due to any one of various reasons (such as death). The various reasons listed do not include resignation; and since mssrs Dean & Gulati have both resigned from the BoD of VIY, I am wondering why their Options under the scheme remain listed. The old scheme perhaps did not have such a 'lapse' clause. So, the question remains - - Why has the target price for the exercise of these options not been raised to 50p??? 3/ As for the current fall in the sp, I see it as nothing more than that old tendency of the sp tending to match the price at which the latest Placing has been set, i.e. 11p/100 = 0.11p. For this reason I reckon the sp will have a Mid Price of 0.11p by the time the General Meeting takes place.
good spot on the exercise price and one that needs raising for clarification - preferably in writing for the record. I will do this at my first opportunity on Friday is no-one else has by then.
2) Mark from VIY has previously confirmed to me that the options WILL increase in line with any consolidation - and I have this in black and white. All your points need clarification though - e.g. Their target price rising in line with consolidation, The 9% discount and lapse etc.....please can you contact Mark (email at bottom of RNSs) for clarification???
Current sp of 0.5p and sp of 50p after rto are not equal equations From current mid of 0.15p sp needs to rise around 340% to trigger 0.5p options Mcap £13.2M at 0.5p And Mcap after rto and dilution shares placed and sp of 50p is £94M with 188M shares in issue, 712% higher than the Mcap pre rto and dilution and at 0.5p, which is £13.2M. Technically his 0.5p options would convert at 7p if we are to align the current and new Mcaps Not sure if anyone worked out than shareholdings are diluted x7 or 700%))) Current shares in issue 2.689Bn, consolidation of 1for100 gives 26.89M shares in issue pre rto amd dilution. Shares in issue after rto and dilution 188M 188M/26.89 = 6.99 Funny how no one is willing to discuss this huge dilution.
thanks for posting the figures. what do you want to discuss? Mr Reynolds clearly thinks that the new company will justify an mcap of at least £94m when the product goes to market or he wouldn't have bought it as he needs that 50p level. I dont think any of us really appreciate how big this product may be once out there, we know there is a 4.2b market but we dont know how much of that it will corner. if it corners 25% of it thats a £billion, what sort of mcap would that put the company at?? who knows. will this turn out to be adam reynolds best ever deal??? he reckons it will.
Alexios I believe you are confusing the acquisition of Premaitha with dilution. Vialogy has bought Premaitha so to peak and therefore its shareholders have a totally new entity to their name, it is not a dilution therefore but a re rating of the company assets. The original raising of capital was to do just that, to find a new business, more money was needed since as Premaitha is evidently worth more. If we capture this market then £20m will seem like a joke, I'm certainly sticking in there and taking up my full entitlement. GLA
If I close my eyes and read your post I might believe :) Premaitha £10.4M valuation. How do you value this business??? Could you give us few valid points of how can one value the company which was setup 14months ago, 12staff and no certified product be valued at £10.4M??? How did they come up with this valuation??? (ENRON) IONA test study/research only begun in Mar this year. IONA product is not certified yet. SAR and VAL- 10years in the making... Over to you