We are offering directly to selected investors up to 290,110,830 ordinary shares which may be represented by American Depositary Shares (“ADSs”), and up to 87,033,249 warrants to purchase 87,033,249 ordinary shares (which is three-tenths (0.3) of a warrant included at no charge with each ordinary share purchased). Each warrant will entitle its holder to purchase one ordinary share at a cash exercise price of A$0.033 per ordinary share, subject to adjustment, which is $0.031 based on the exchange rate for April 11, 2014 as published by the Reserve Bank of Australia. The offering price per ordinary share and 0.3 of a warrant is A$0.020, which is $0.019 based on the exchange rate for April 11, 2014 as published by the Reserve Bank of Australia. This represents a price of $0.375 per ADS and 6 warrants based on the exchange rate for April 11, 2014. The warrants are exercisable upon issuance and will expire at 5:00 p.m., Perth, Australia time on April 30, 2018.
They're offering 290M Aussie shares, about 14.5M ADS. The ADS looks like it's priced @ .375, but there's also a warrant attached. If my math is correct, this would net them around $5M.
Earlier today, I looked at SEDI, and I think I came up with 800K options exercised, but I'm not positive about that number.
The pill count numbers don't make sense to me. I think last week's figure was around 220K...
The short interest report for the period ended 3/31 came out after the close tonight, and it showed 3,620,999 MLNK shares short as opposed to 590,118 shares for the period ended 03/14/2014. This confirms my suspicion that there was hedging going on in conjunction with the $90M convert offering. Selling over 3M shares of a thinly-traded stock like MLNK short over such a short period of time undoubtedly put a lot of downside pressure on the share price.
IMHO that was a great opportunity to pick up stock at reduced prices. Now it's up to management to put that money to good use and hopefully prove me right.
If you look at the March 20 SEDAR filing, as of Dec 31, 2013, this particular line of the balance sheet seems to obviate most of the NYSE MKT concerns:
Total Shareholders' Equity $ 9,099,000
Sr Falconi, saw your post on the short report, and I'll chime in. The report covering the period ended 31March is due out after the close on 9April. I haven't been watching as closely of late due to some familial concerns, but someone is always johnny-on-the-spot with the figures.
Off topic, I play a mean version of Hendrix' Star Spangled Banner on my kazoo, and I also play (blank) harp, blank because our Yahoo friends will no doubt censor that word. Since I'm aware of the time lag across the pond, I realize you probably won't see this message until the morrow, if at all.
As at December 31, 2013, on a consolidated basis, the Company had approximately $61,030,000 of non-capital losses which can be applied to reduce future taxable income. In addition, the Company had consolidated exploration and development expenditures totaling approximately $32,089,000, unamortized share issue costs of approximately $858,000 and capital loss carry forwards of approximately $8,242,000 which may be available to reduce future taxable income. The exploration and development expenditures can be carried forward indefinitely. Therefore, management does not expect the Company to pay any cash income taxes in both Canada and USA for several years.
This in itself is a valuable asset.
Points from report:
Increased production by 94% to 620 BOE/d for the three months ended December 31, 2013 from production
of 319 BOE/d for the comparative period of 2012; and
Increased gross revenues by 35% from $6.9 million for the year ended December 31, 2012 to $9.3 million for the year ended December 31, 2013.
Not sure if this has been posted before.
OK - I see now. You're quite correct. The Hodgkinson shares are included in that 2.2M total.
Here's a list so everyone knows what we're talking about:
Phillip David Bretzloff Exercise of options -100,000 @ 0.2000
Robert Hodgkinson Exercise of options -775,000 @ 0.2000
Robert Hodgkinson Exercise of options -525,000 @ 0.1800
Richard Harvey Kennedy Exercise of options -100,000 @ 0.2000
David Norman Matheson Exercise of options -250,000 @ 0.2000
David Norman Matheson Exercise of options -150,000 @ 0.1800
Craig Currie Sturrock Exercise of options -250,000 @ 0.2000
Craig Currie Sturrock Exercise of options -50,000 @ 0.1800
And these do indeed total to 2.2M shares. I should have checked before posting.
The part I'm not so sure of is the "open market buys". Here's how SEDI puts it:
10 - Acquisition or disposition in the public market
Since all 5 of the filers showed open market activity exactly equal to the options exercises, I'm wondering if they did what a lot of insider options holders in the States do - that is exercise their options and sell them in the open market. This is reported to the SEC on Form 4. I see all the open market activity went off at .2913 cents. I'm just not sure exactly how insider activity is reported up north. At any rate, Dejour will get another cash infusion from the options exercises - somewhere around $425K, so that's a good thing.