RE: ASX listing6 Sep 2023 13:19
The consideration for this 2016 transaction comprised an initial payment of AUD25,000 in cash and 65,490,000 new ordinary shares and (originally) a further 145,530,000 new ordinary shares conditional upon Greatland's ownership interest in Havieron reducing to 25% (or less) or upon a decision to mine at Havieron (whichever occurs earlier). This latter tranche of shares (modified as described below) will be issued to the vendor's nominee, a private Australian investment vehicle, Five Diggers Pty Ltd.
In return for removing the conditionality on the contingent element of the consideration, the following modifications have been agreed:
§ a two-year restriction on dealing with the Greatland shares to be issued to Five Diggers Pty Ltd, comprising:
- 12-month lock in, which prohibits any disposals of the shares in this period, subject to carve outs (such as recommend takeovers), plus
- a subsequent 12-month orderly market arrangement, requiring that, during this period, the shares may only be traded in consultation with the Company's broker and through the Company's broker (subject to customary carve outs); and
§ a reduction in the number of shares being issued by 4.5%, being a reduction of over 6.5 million shares, to a total of 138,981,150 new ordinary shares (with a value of approximately £14.1 million in aggregate at 10.15p per ordinary share, based on the closing price on 13 July 2022, and representing approximately 3.3% of Greatland's enlarged issued share capital).
If they still hold what mh01 saw then no they haven’t sold any as you can see above