RE: hawky's update25 Mar 2016 11:35
Well said, Escapetohome and Dav.
One other thing that needs to be touched upon re the bonds, other than the obvious that the 20 million still needs repaying in a year's time, is that Panacea is a loan company rather than an investment company. The original terms stated that they could convert to 40p per share whenever the SP reached 80p, so Panacea would most likely have placed the resultant 7 million shares on the Market as they would have made a big profit over and above the 40p conversion price. I suppose yet another example of IOF showing disregard for shareholders, as those who would have bought in the 70s would have seen a big retreat as 7 million extra shares flood the Market. Ahhh, but the directors either don't own any shares or have sold millions, so why should they care? Go figure!
So this begs the question, will Panacea accept a "get out of jail" conversion? Very unlikely IMO. They're a loan company who will no doubt deal with bad debts on a regular basis therefore call in the debt collectors so to speak if IOF default. They aren't in the business of "trying to help their customers", they just want their money back!
All very very messy. Next RNS will be the killer, IMO.
Strong sell