RE: Speeding ticket8 Apr 2020 18:16
Correct POLO have not bought but.......there is also another pre existing agreement with Dyani to get more shares so they had to divest these in order to be eligible for that agreement.....that's why there is also a lock in with POLO
GCM confirms that following the issue of new Ordinary Shares set out above, Dyani will be interested in 28.7% of the Company's enlarged issued ordinary share capital.
In addition, Dyani is entitled to an additional 3,278,765 new Ordinary Shares for the negotiation and finalisation of the second Joint Venture Agreement with PowerChina, in respect to two plants of 1,000MW each, as announced on 15 March 2019 (the "Additional Shares"). This issuance has been deferred in accordance with the provisions of Dyani Agreement, whereby Dyani's aggregate shareholding is restricted from exceeding 30% of the Company's issued share capital, as the issuance of these Additional Shares would take Dyani's interest in the Company to 30.7%.
Under the terms of the Dyani Agreement, Dyani will be restricted from disposing of the new Ordinary Shares issued in satisfaction of the success fees for a period of six months from the date of issue. There are no restrictions on disposal of the shares issued in respect of the retainer fees issued to either Dyani or DG, which are intended to the respective consultants' costs in performing their services.