"I think that the control percent is /will be 50%+1 at the closing of 100% of the planned PP (25M shares). This includes the McEwan and Lassonde shares. Interim retail share purchases+ unexcercized options would be additional to the 50%+1 target."
My post from Nov. 12 demonstrates otherwise.
http://agoracom.com/ir/Noront/messag...
"In the worst case scenario, 25,000,000 shares, all in the hands of the bad guys, does not give them majority control of the company. It raises the bar, certainly, but I'm not so sure that the "enemy voting block" will necessarily vote as one, now that the new board has been constituted. Anyway, here's some math to show what I mean:
Existing shares 130,000,000 plus 25,000,000 = 155,000,000
30% of initial shares in the hands of the enemy is .3 times 130,000,000 = 39,000,000.
Increase if all new shares go the enemy: 25,000,000 + 39,000,000 = 64,000,000
Proportion held by enemy after dilution: 64,000,000 divided by 155,000,000 = 0.413 or 41.3%. Dilution dilutes all shareholders, not just retail.
It would still be possible to beat the new board at the next AGM, under these assumptions."
There is a variable that might shift the numbers a little bit, and that's the percentage held by the dissident group prior to the PP. To meet the 50% threshold, they'd have to have had 52,500,000 shares (40.4% of 130,000,000) already tied up, before the PP.
52,500,000 + 25,000,000 (PP) = 77,500,000, or 1/2 of 155,000,000
After dilution, 52,500,000 only represents 33.9% of the total. Dilution dilutes all shareholder positions, so it's necessary to do some math to get a clear impression of the changes.
Of course, excercises of warrants/options shift the proportions around all over again.
Regards,
Lar
