Great work putting it all together Skunk. I'm in complete agreement with your current O/S. My post from July 16 (#10771) had the O/S at 108,713,862. Since then we've added 12,000,000 from the Ironridge deal.
I suspect you are right that Hanover has probably unloaded the remainder of the 31,600,000 they have so far been issued. If they intend to continue collecting the remainder of the currently due VWAP shares (about 54M more based on the current VWAP average) they need to unload everything they currently hold.
I ran the numbers in order to determine the maximum share disbursements possible going forward. I assumed that Hanover will sell all shares they hold prior to requesting the next disbursement. As you know, disbursements are limited to Hanover holding less than 10% (0.0999 for the calculation) of the O/S. The disbursement being calculated is itself included in the O/S calculation.
TOTAL DISBURSED
O/S (OLD) 120,713,862
13,294,046 MAX DISBURSEMENT 13,294,046
O/S (NEW) 133,294,046
O/S PERCENTAGE: 9.920%
O/S (OLD) 133,294,046
28,050,437 MAX DISBURSEMENT 14,756,391
O/S (NEW) 148,050,437
O/S PERCENTAGE: 9.967%
O/S (OLD) 148,050,437
44,430,032 MAX DISBURSEMENT 16,379,594
O/S (NEW) 164,430,032
O/S PERCENTAGE: 9.961%
O/S (OLD) 164,430,032
62,611,381 MAX DISBURSEMENT 18,181,350
O/S (NEW) 182,611,381
O/S PERCENTAGE: 9.956%
Note that the extrapolation exceeds the current 54M due, based on the current 0.016 VWAP average. These disbursement numbers represent the MAXIMUM disbursement amounts going forward. Actual values may be lower.
AI
