Number crunching:22 Nov 2018 11:32
Good morning all,
Rather than do the study that I should really be doing, I found myself drawn back to this bulletin board but more importantly to the RNS's that have been released and the news around Koovs funding arrangements.
FWIW I have gone through and deciphered the news into something that I understand - hopefully it will make sense to you all and will better inform some investment decisions. Here goes nothing:
RNS 4th July:
FLFL to subscribe for up to a 29.9% share in Koovs. Company issued 57,876,600 new shares at 10p a share, representing 24.8% of the enlarged issued share capital - raising £5,787,660.
FLFL conditionally agreed to make additional investments to take its ownership up to 29.9% within 6 months of completing the equity raise.
RNS 19th July - Completion of investment by FLFL - they now own 57,876,600 shares out of current issued share capital of 233,260,291 or 24.8% of the company. Remember they agreed to take this to 29.9% within 6 months of completion date. i.e.. By 19/01/19.
RNS 1st August - (Relating to RNS on 16th July).
Placing by whitman Howard of 67,466,668 shares at 15p to raise £10.1 million and conditional subscriptions for 12,533,334 new shares (also at 15p) to raise £1.9 million. Total raised after expenses = £11.1 million.
This added to the prior share capital: 233,260,291 plus (67,466,668 + 12,533,334) = 313,260,293 shares.
RNS 22nd August - Strategic Agreement with HT media:
Koovs provided with £24 million of media and advertising services. HT media get £17.1 million on new shares and Koovs will purchase £6.9 million of media services with cash. Koovs gets £6 million of media at intervals over a FOUR YEAR period. i.e.. Will allocate £4.28 million of new shares annually with £1.72 million in cash.
HTmedia then issued 42.84 million shares at 10p a share. The next tranche will be 12 MONTHS from here.
Therefore: No further allocation of shares to HTmedia until 21st AUGUST 2019.
Thus at this point we have: 42,840,000 plus 313,260,293 = 356,100,293 shares as the current issued share capital.
Now, going back to the FLFL backing......
RNS 27th Sept:
FLF signs subscription agreement to invest between £9.5-£10.5 million to take its current shareholding from 16.25% to a maximum of 29.99%. (Subscribed for between 63,300,000 and 69,850,000 new shares at 15p per share). FLFL will then hold between 28.89% and 29.99% of Koovs.
Initially FLFL were in for 57,876,600 for £5,787,660.
They were holding 57,876,600/356,100,293 (x 100) = 16.25% of the company.
Now look:
FLFL owned: 57,876,600 plus 63,300,000 = 121,176,600 or:
57,876,600 plus 69,850,000 = 127,726,600
Total issued share capital will be: 356,100,293 plus 63,300,000 = 419,400,293 or:
356,100,293 plus 69,850,000 = 425,950,293
121,176,600/419,400,293 x 100 =
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