Just to remind us of what this was the Rights Offer:
Number of Shares held by Eligible Shareholders as at the date of this Prospectus 21,563,8178 Funds raised from the Offer (before costs) (assuming full subscription) $2,156,3819 Number of New Shares offered under this Prospectus 21,563,81710
This is what happened:
Number of new shares subscribed for by existing shareholders 10,117,162 Funds raised from the Rights Issue and Shortfall Offer $1,011,716
So the shortfall was 11,446,655 shares or ($1,144,665)
Its now up to the the Lead Manager to find buyers for the shortfall.
So based on Section 2.14 of the prospectus, Coda only have $5.095 million in committed funding (Cash plus Rights take up) with a planned spend of $4.641 million for the next 12 months. I think that plan will require a little pruning.
So in the past twelve months:
Delisted at 29 cents (after 10:1 consolidation) in July 2019 Buyback at 20 cents per share in March 2020 Rights Issue at 10 cents per share in July 2020
I think unless they can monetise Elizabeth Creek in the next 12 months, this one will be cooked in the next 12-24 months.
