TON 1.92% 5.1¢ triton minerals ltd

Summary of new admin report

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    Hi guys,

    Starting a new thread as it is getting confusing with 2 identical looking names for the 2 admin reports
    As was the case some days back, this summary too is based on a quick read and is not meant to be a replacement for you to read the entire report yourself. Some points in same order of report –
    http://hotcopper.com.au/threads/ann-administrators-update-ton-ax.2806464/?post_id=18199561

    1/ Joint proposal – Pg 5/47
    There were 2 DOCAs as you know some days back –Minjar and Somers. It looks like they co-operated and there is only 1 joint one now. At first glance, this seems like a good thing as it shows co-operation.

    Major terms are  -

    a/ Phase 1: Subscription to Minjar (or its nominee) of 105,248,400 fully paid ordinary shares at $0.06 per share to raise $6,314,904 (Placement) following shareholder approval.

    b/ Phase 2: raise not less than A$7,893,634 via an underwritten nonrenounceable pro-rata entitlements
    issue of not less than 131,560,567 fully paid ordinary shares (Entitlement Issue Shares) in the capital of the Company at $0.06 per share (and on the basis of 1 Entitlement Issue Shares for every 4 fully paid ordinary shares

    My comments-  Self explanatory. There would be a placement to Minjar at 6 cents to raise $6.3 million and then around 8 million dollars more would be raised in an entitlement issue where we guys can participate in ratio of 1 share for every 4 share held. So it seems that around 14 million would be raised.

    2/ Free options  -Minjar -  Pg 10/47
    Minjar would be getting 25,000,000 free options to acquire shares in the Company (each having an exercise price of $0.10 each and an expiry date of 30 June 2018,

    3/ Directors – Pg 11/47
    Directors would be Higgo, Paula, 2 from Minjar and 1 from Somers

    4/ Free options – Somers Pg 12/47

    The Underwriters will be entitled to 25,000,000 free options to acquire shares in the Company
    (each having an exercise price of $0.10 each and an expiry date of 30 June 2018
    Seems like Somers would be getting 25 million free options too like Minjar.

    5/ Breach of section 180 – Pg 18/47

    There was an issue about breach of section 180 in the old report. FH says that they have subsequently been advised that the contracts referred to in this section were approved by the board at the time and subsequently disclosed in the Annual Report to shareholders dated 31 December 2014. This has been confirmed upon subsequent review by them. Looks like a more reconciliatory approach has been taken by all parties which is good IMO.

    However they have subsequently been approached by a third party in regard to other claims and/or breaches of director duties, and a request for further investigations to be completed in this regard. We await possible further info on this, I guess.

    6/ Final words

    Just some major points - please read and DYOR.

    There seems to be more co-operation which is good. Major change now is placement to Minjar and then entitlement issue for the rest of the amount.

    No more talk of who is better Somers or Minjar – now all can be happy.

    Both seem to be getting 50 million options in total though. Quite a big amount and this would be taken into account for diluted market cap.

    Both have directors on board. It would be great if both co-operate to turn TON into a great company.

    There is more dilution (% wise) for shareholders as Minjar placement has to be taken into account, and also longer term if dilution due to options is taken into account. Old Somers proposal had nil dilution % wise for us guys.

    I was cautiously happy with the last announcement and am probably a little happier now. Still a huge mountain to climb in longer but I’m happiest to see some co-operation, and I think we can all agree on that. Let us hope for the best, and we’ll have to take each day as it comes.
 
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