Hi Fellas10 Aug 2009 11:36
I have also been in touch with Nick Hall and thiis is his reply and i have to say how impressed i am with his communication as a number of emails have gone back and forth at a time when he is obviously very busy and is posted with his kind permission. Hope this clarifys
Following the EGM the number of shares in issue will be 247.3m (plus the B share which will be cancelled once the Cyrus Loan Notes are converted) + 577,275,625 + SEDA.
Special resolution 1(b) authorises the directors to issue up to 577,275,625 shares to FBC S.a.r.l. (Cyrus) on conversion of their loan notes and Ordinary resolution 4, authorises the directors to issue additional shares, up to £824,342 par value (82,434,200 shares) for SEDA and any other purposes. I am hoping that our share price will start to reflect the potential of what we are doing which will then allow us to draw on the SEDA more effectively in terms of dilution.
The cash generative potential of both mines will justify a much higher price per share even assuming a fully diluted basis. Unfortunately, I am not able to provide any form of profit forecast but research notes are expected soon from both Fox-Davies and Edisons, which may give the market some guidance in this area.