another cr, page-76

Sid,the 3c share price pretty much told the story didnt it ?otherwise why would the sp be less than 1/2 the g2 valuation? A cap raising was a logical answer,and the 3c SP implyed around 80% dilution was coming.
Regardless of what Phil said to ozgem , he said in one of his very first presentations that a cap rais was an option .He may have been trying for a placement since day one without luck maybe driving too hard a bargain and all the time the SP continuing to fall. Maybe he bowed to S/Holder pressure and tried to avoid a raising when with hindsight clearly it would have been better pushed thru when he first took over.

What i reckon happened is they started canvassing support for a placement as soon as Phil came in among new investors.I think they couldnt get a deal @ where they wanted it. So they went to existing bigger shareholders about a month or two ago and those not interested sold down . The other thing that may have thrown a spanner in the works in the last couple of days is some participants in the placement may not have been aware of the SPP which may have changed their valuation to a lower one ?
C