The reason for giving away 7% of the ORDINARY shares with VOTING rights at a discount is because management are worried that the deal wont be voted through when/if it finally closes. Marco clearly wants the deal otherwise the largest shareholder shares are worthless. Lots of disgruntled PIs who are sitting on now worthless shares who would vote no as a f*k you im sure.
Back of the envelope NAV calc - Can someone better at maths confirm the below06 Nov 2019 13:49
Can someone better at maths confirm the below is reasonable: (assumes no value from anything apart from the cash elements of the deal)
£m Cash at 30 June 11 less cash burn for 5 months -5 plus 85% of the cash consideration* 35.8 *$54.3m @ 85%** /1.29 = less debt at 30 June -21.4 And 5% accrued int on the above -0.5 NAV (£m) 20 NAV £ 19844069.77 Shares in issue 1,079,612,264
NAV per share 0.02p
** - Cash consideration only consider the 85% (55% and 30%) as probable (the other 15% is less certain)