Convertible notes6 Apr 2024 08:36
I steer clear of balance sheets since my days as director of my my own plc.
I generated the content and never understood my own figures by the time my accountant had turned them into accountant's speak!
The first thing I wanted to do was to buy my car from myself.
My bank manager said he could not advance the money to my company because it had no assets for security on the loan. Understood!
He said a personal loan to me was a formality.
He agreed to me repaying the loan from my plc bank account.
It went ahead - mission accomplished I thought.
Some time later, loan paid off, I part exchanged my car for a new car.
My accountant prepared my accounts, with me thinking my company owned my original car having paid off the loan for me.
But no - my company apparently owed me the part exchange value of the car???
I will never understand it, partly because I did not want to. If the tax man queried it, I wanted to be able to truthfully tell him I did not comprehend it and my accountant needed to explain it to him.
Accounts went through fine so I put my faith in my accountant thereafter.
Anyway, I have never challenged Donk's claims on what these convertible notes would mean in terms of dilution and his claim of 2Bn shares, Today I thought I would change that!
It was too complicated for me - just deciding whether a number is GBP, USD or AUD does my head in, always has! And then I see the Doc has a fixed price of 3.5 cents (AUD) - simples?
But elsewhere that price is up to 6 cents (USD or AUD?) or 10% below the prevailing weighted average of the sp and I am lost! Weighted averages I am fine with, we used them all the time at BP Finance. But what happens to the 3.5c? The documents are in unreadable columns which makes it even harder.
I know how stupid Donks is on the simplest facts, just this week, 20th April invented for a factual 30th April close , and how additional shares to an earlier placing from the pension fund was not a wonderful result for him?
I cannot think there ia a snowballs chance in hell that his arithmetic on convertible notes are remotely right?
Here is you chance to shine Donk! Explain the numbers in plain English for me showing the currency in question. You have never defended yourself on any issue in a decade so I do not expect a positive response here. The filter is back in place but if you succeed in this mission I think the gasps from other shareholders will tell me I need to unfilter your posts and I'll have some numbers to crunch (in all senses ofthe word) because they are 100% certain to be massively wrong imho.