ONEREIT TRUST UNITS T.ONR.UN

Poseidon 8.8 million shares missing?

[nijinsky70]

Hi all:

In the ONR PR, it mentioned that Poseidon will have 74.7 milliion shares outstanding (same as Newco), but they are only going to issue 65.9 million shares to us shareholders (74.7 million x 88.2% = 65.9 million shares). 

Does anyone know what happens to the other 8.8 million shares (74.7 million - 65.9 million)?

I can think of several scenarios.  One is they will do an IPO type of issue to release these 8.8 million shares to the non current ONR sharehodlers.  The benefits is of course, they can drive up the SP of Poseidon instantly.  Or they could save them for the executives as a bonus.  Not a bad pay day for these folks, eh?

I'm eager to see what the management information circular says.  By the way, has anyone received theirs yet?