RE: 5's Tomorrow22 May 2025 04:34
21/5, 19:32, Punter1234, “… is that why he put up his shares as collateral.”
i don’t think CS had much of a choice about that.
EUA was running out of cash altogether, with no income source, so unless EUA raised money from somewhere quickly EUA would have gone bust and CS’s shares would simply have been completely worthless anyway.
it seems they were unable to get a placing away at that point, and so the best they could manage was that expensive convertible loan from sanderson (… since replaced by cheaper placing finance, which I think might last them until circa dec ‘25/ jan/feb 2026, *very* rough guess..).
given the binary choice between the company going under completely and CS losing all possible remaining value in his shares, versus putting up his shares as collateral for the loan, then of course CS put up his shares.