What concerns me is if the resolution for the share placement is passed at the AGM the sp will struggle, it already appears that volumes are down since the AGM agenda was published.
The bigger concern is if it does take place, then they are able to offer at 75% of the VWAP price for the preceding 15 days.
If we presume that that figure would be around .36c, even taking into consideration holders may want to get out before the event and buyer may not want to get in until after the event. It would mean the placement may take place at .27c (.018 pre consolidation) or even less if the VWAP is bellow .36c, bad news for current holders.
This is like trying to place 1 BILLION shares pre consolidation, something they would have been unable to justify or make work, I just seem to be getting a bit of Deja Vu with the .018c and 1 Billion figures. Coupled with an increase it none ex perks, I am starting to wonder if we have been gently coerced over the last few months into a situation that may not prove to be to our advantage.
I know many member think this placement may not happen, but I feel the temptation will be too great for them. It will be interesting to see who gets on board with the 25%, as I'm sure we will not be offered any, not that I would want more at this stage lol!
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