GREY:MAAFF - Post by User
Post by
zeekayon Sep 23, 2011 11:10am
256 Views
Post# 19076453
Lower SP Means More Evergreen Control
Lower SP Means More Evergreen ControlAs indicated above, the Conversion Feature of the Loan is subject to disinterested shareholder approval. In the event that the Loan is fully advanced, the disinterested shareholders approve the Conversion Feature and Evergreen exercises the Conversion Feature in full, its share ownership of the Company would increase from approximately 77% to approximately 84% on an undiluted basis (assuming that the five day volume weighted average trading price of the Company's common shares at the date o f exercise of the Conversion Feature is C
.215).
The 5 MA is now $.165 (not$.215) and that doesn't include the 20% discount they give themselves. So if the SP doesn't retreat anymore (which is tough since there is no support whatsoever) this would mean that Evergreen would convert $16 million at $.133. For round numbers I used $.13.
At $.13, it would create 384 million shares.
Evergreen would control 738 of 844 million shares or 87.4 % of the shares.
I called the dirty Chinese and their tactics from the start. Another $.25 offer is getting slimmer and slimmer...