I did wonder when the cavalry were going to turn up here. The advisers to GTP who advised that the company should use a 30 trading day period to determine the DRP price should have their nuts cut off.
It has meant the stock would inevitably be sold down at a time when the underwriters to the DRP would be having the 'market' value at what price they would be acquiring a raft of GTP stock.
Given the market is relatively light for such a stock it must benefit the underwriter for the average price to be as low as possible.
I wonder who the advisers to this debacle were ?
At least it will serve as a good example to other companies with a heap of Imputation credits to distribute about how NOT to do it!
I wonder if the ASX allows companies that realise they have stuffed up a pricing mechanism to change the system mid-stream so to speak ?
GTP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
