BDL 0.00% 13.5¢ brandrill limited

Will it Fly

  1. 5 Posts.
    Virgin poster here so take it easy on me (please!!)

    Having read some of the archives on Brandrill I see a few people have been burnt pretty bad (I don't hold any). I was surprised when I read the terms of the proposed capital raising that basically says "vote for this or we're gone" leaving very little choice for the shareholders - vote yes and be diluted to bugger all, or vote no and our investment is gone anyway.

    I thought that there was a small win for the minority shareholders in that substantial shareholders and underwriters could not vote for the approval of the rights issue. That was until I saw a the notice from the Commonwealth Bank ceasing to be a substantial shareholder in an off market transaction, and noted that they sold over 2M shares for $2K - 0.1c per share if my math is correct.

    Given they will be one of the main beneficiaries of the rights issue (albeit the banking arm which is of course completely seperate from the investment arm!) it looks to me as though someone is playing the numbers game.

    I'm just interested in what shareholders think about this, having been someone who has monitored this stock closely. Is this a company people are prepared to support, or are the shareholders going to declare the "time of death"


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