Devex on ii7 Jun 2018 11:03
Agree this a very strong statement of progress - doing just what he said on May 9th (Jaknife - how many more times can you get this wrong). Key points:
- all the controls on this deal are in Zaza hands - excellent news
- Zaza doing everything he can to minimise dilution moments - because he hurts as much as we do
- the 10m shares effectively an upfront admin fee of circa $50k. Small beer indeed
- 12 x 265 is $3,180,000 - so around 10% interest in fact. But there are no early redemption fees. So this is like a bank loan but with a convertible option for FRR if cash is tight and very good terms indeed. YA have had their reward in the last 12 months - and the deal was set up in this way from the start
- not clear if first payment end of June or by July 16th. Each month Zaza has options and the options get easier as time goes by
So a big stranglehold on FRR, and indeed on the SP, is now totally under the control of thee company. Very well done Zaza (and I suspect Lev) - now let the news flow.