I think this was very badly done and feel for buyers at 5.1 cent the day before the announcement.
Placement is for 40m shares only (approx 10% of issued shares) and being offered to clients of one broker and therefore will be difficult for shareholders and outsiders to acquire at 4 cents. This is the reason they are trading at 4.3 and not the 4 cents placement price.
If it were done as a rights issue to existing shareholders on a 1:10 basis with shareholders given the opportunity to take up shortfall they would probably be trading well over 5 cents as the price would have been driven up with investors chasing rights.
Von.
prospectus, page-2
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Last
13.5¢ |
Change
-0.005(3.57%) |
Mkt cap ! $38.68M | |||
| Open | High | Low | Value | Volume |
| 14.0¢ | 14.0¢ | 13.5¢ | $655 | 4.768K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2332 | 13.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 15.0¢ | 63338 | 5 |
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| Last trade - 15.30pm 27/09/2024 (20 minute delay) ? |
| FML (ASX) Chart |