white-shadow>"Anyone have any theories as to where this selling is coming from lately, even before the issue of last shares?"
I was starting to wonder if I was seeing some bid support coming in for IWG at the end of each day. There appears to be a pattern developing, with the stock trading down significantly during the day, then a sudden spike right at the end of trading to push it back up again. You can see it on today's (29/4) Hot Copper graph to the right of this page (click the 'D' to see the price through the day). I have seen that pattern repeatedly over recent weeks. Or perhaps I am imagining it.
Anyhow, according to the filing on the 22/4/16, they issued 1.6m new shares on that date, I presume to Lind.
Those 1.6m shares were issued at 8.6c (AU) and raised AU$137,835. At an exchange rate of what at the time was about AU$1 = US$0.775, that is about US$107K, so IWG took the obligatory US$75K and dipped into about 10% of the optional US$300K.
For existing holders, that means there were 322,819,452 shares on the market, and there are now 324,422,189, so everyone's share holding has been diluted by about 0.005% with that issue.
For Lind, assuming they want to cash in, as opposed to sit on this rapidly depreciating new asset, that means they need to sell 1.6m shares at 8.7c or better. Trading volumes since the 22nd suggest they haven't done that (less than a million have traded according to the basic ASX info I have access to) and today's low shows the shares already priced below Lind's break even point.
That does not appear to bode well for future tranches of the funding. If Lind can not sell their new shares at a profit, even with their 10% discount, how much of a loss will they be prepared to take?
(Also, does anyone know of a good, free source of ASX trading data?)
