Yes, it is a capital raising. Mainly not for ordinary holders like everyone on HC, but for sophisticated investor like L1, JP Morgan, National Nominees, etc. This way they can boost up top 20 holders ownership & cash reserve without the risk of SP dilution. This is a good thing for the company, but not so good for small holders as our Cherry Pie is getting smaller & we can't participate. But what the $$$ for, I'm not sure. Watch & see on Wednesday........
However, you can apply & qualify to become one if:
Definition of 'Sophisticated Investor'
A type of investor who is deemed to have sufficient investing experience and knowledge to weigh the risks and merits of an investment opportunity.
For certain purposes, net worth and income restrictions must be met before a person can be classified a sophisticated investor. The distinction makes an investor eligible to buy into certain investment opportunities, such as pre-IPO securities, that are considered "non-disclosure" or "non-prospectus" issues. Typically, a sophisticated investor must have either a net worth of $2.5 million or have earned more than $250,000 in the past two years to qualify.
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