Percentages of shares held by Anna and FriendsI will post the figures contained in the EOM circular prior to the vote. Ignore the seconde tranche numbers sunce they never happened. The last two columns are the percentages first for existing share distribution and the second for the dead tranche 2 for the shares that would have been distributed. So ignore the second column.
| Number of Common Shares to be Acquired in Tranche 2 | Current Percentage of Common Shares Owned/Controlled | Percentage of Common Shares Owned/Controlled post Tranche 2 |
| Anna Stylianides
Executive Chairman of the Company | 244,279 | 633,685 | 0.23% | 0.29% |
| Amber Capital LP | 24,259,470 | 29,783,192 | 22.85% | 18.01% |
| Paulson & Co. Inc. | 12,177,835 | 20,911,603 | 11.47% | 11.03% |
According to these declared holdings, Anna, Amber and Paulson held 0.23%, 22.85% and 11.03% for at total of 34.55% of outstanding shares. Under Tranche 1 Tenor received 10,608,225 shares. That would put them combined around 44% plus any shares they have been able to acquire recently. It is obvious the vote would be razor thin with these figures. If the debt conversion stands it appears the board would have enough shares to win. Plus we are unsure where all the IFC shares ended up.
It does illustrate the importance of the Concerned Shareholders Petition to void the Tenor deal. No doubt Courtenay and group have a solid handle on their chances and certainly know the math. It would help if either Paulson or Amber get cold feet and pull the plug on this deal and bring everything back to reality. Wishful thinking, I know.
Anyway, this is the math.
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