5 July 2013capital raising announcement▼ BadMajor
To escape the 15% preferred issued in 2011, Arete cut its conversion price from $3.35 to $0.75 and holders - the Burlingame funds plus directors Davis and Scheidt - swapped 497.5 preferred shares for 5.2 million ordinary shares and gave up their dividends. Heavy dilution bought an end to the dividend drain.