127tolmers wrote:Note 28 of the Coolabi Group Ltd accounts at 31 Dec 20 gives some more background.
but I'm still puzzled!
Note 29 says:-
"
As at the period end [31 December 2020], loan notes of £1,400,000 (Mar 2020: £1,400,000) were in issue to Edge Performance VCT Plc, loan notes of £3,110,400 (Mar 2020: £3,110,400) in issues to Chrysalis VCT Plc and loan notes of £7,747,428 (Mar 2020: £7,386,628) in issue to Pula Media & Technology Limited, all shareholders of the Company."
and then in Note 28 we read:-
"
On 4 June 2021, the ultimate controlling party became Pula Media and Technology Limited, a company incorporated in Guernsey.
During the period the Company refinced existing bank loans with Santander (note 20). On 4 June 2021 all loans, outstanding at the period end, were settled.
On 4 June and 1 October 2021 and 5 January 2022, there was an issue of capital totalling £8,510,000, £1,032,312 and £1,500,000 respectively."
Looking at those figures makes me surmise that the Edge and Chrysalis loans were converted into £4,510,000 shares out of the £8,510,000 issued on 4 June 2021,
If I'm right then what we receive from the planned takeover could be subject to a change in the price agreed for the shares, up or down, and if the proposed takeover fails we are left solely as a shareholder not as a shareholder and lender.
The question on my mind is "what is causing the many variations and delays to the planned takeover agreed on 2 March 2021"?