If I were JG15 Nov 2019 18:25
I guess AIM did its thing ;-)
This is how I would play this good fortune if I were JG.
I believe today's closing market price (as defined by the last trade made in trading hours) was 0.2098p. 25% discount of this is 0.15735p. This is more than twice 0.07p so I would say that now is a good time to get those CLN's converted, unless there is significant news on the near horizon and the BoD is confident we can convert at a higher price - the higher the conversion price the less existing holders are diluted and, importantly, in fact JG himself - even though he stands to benefit from a lower price from the point of view of CLN conversion, a higher conversion price leaves him with a greater share of the company overall.
The total amount of shares we authorised on Monday that can be issued which have had their pre-emption rights disapplied was 1,721,500,000.
If all £845k of the CLN's are converted at 0.15735p this is 537,019,384 shares leaving a balance which can be issued of 1,184,480,616 shares.
Now if I were JG I'd be looking to arrange over the weekend a placing up to this full amount at a price somewhere between 0.15735p and 0.2098p. Number of shares issued and price obviously depending on demand.
Assuming no premium to the closing price (with sufficient demand there could be!) we are talking about potentially raising up to 1,184,480,616@0.2098 = £2.5m
Well that's what I'd do assuming no further good news on the very near horizon, and if no one wanted to join in, I'd call up my mates, in fact I might even ask them first - their hands tend to be stickier ;-)
£2.5m would go a long way to (finally!) getting this mCHP powered show back on its tracks and rocketing us to fortunes.
But I could be way off the mark. Perhaps they'll pull a technicality claiming the CLN's have to be converted @0.07p as the share price was below this when the "expressions of interest" were made. BS if so. lol ;-)
Ob.
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