RE: RNs1 Jul 2025 07:42
From the RNS:
· An initial Equity Issuance of 366,666,667 new ordinary shares in Trafalgar at £0.0003 per share, amounting to £110,000 ("Consideration Shares"). This will result in the Vendor holding 29.43% of the fully diluted issued share capital of Trafalgar.
· The balance of £240,000 will be satisfied through the issue of an unsecured CLN, convertible at the same £0.0003 strike price. Conversion of the CLN will be subject to shareholder approval, in the event any proposed conversion results in the Vendor increasing its shareholding in Trafalgar above 29.9%.
So looks to me like the vendor hasn't got the cash to develop this site himself, otherwise he would have. So he gets control of a listed company, creates the cash to develop the site and there we go.