Could this be a fly in the ointment2 Aug 2013 12:37
What if the finance is not achieved in the 120 days, could they purchase their extra 13% @ 90% of the VWAP, which could be around 6-7 pence and then make their offer...the 15p purchases will have no relevance....I'm invested here atm and see it that if the company does not get their own finance, then the Chinese buy us out on the cheap. See below...
If however the Company secures the Debt Financing within the 120 days from institutions that it is currently in discussions with, the Option exercise price will be the lower of £0.25 or 90% of the five day trading volume weighted average price ("VWAP") following the announcement of the Debt Financing. These terms will also apply if no debt financing is secured within the 120 days, in which case the VWAP will be based on the 5 trading days after the expiry of the 120 day period. The issue of shares under the option would be subject to approval at a general meeting which will be convened once the Company has more certainty on the nature and timing of the Debt Financing.