They could have at least got a WOW factor acquisition, like something in the Cobalt space or the next big thing in vanadium, this would have kept both the new investors happy getting a cheap deal + long suffering share holders who have had there money tied up in this a bit of hope of at least recouping there money back when they relist.
All i can see is this being 4 cents as the last traded price before the market opens on the day however the match price will likely be somewhere near 2.5 cents on open, with the new investors still making 25 profit ( i hope it opens somewhere around this level )
The share price will register a drop of 75 percent on open.
Which is usually the hallmarks of a shell that had billions of shares on issue been fully recapped that usually bleeds for the ST.
On the other hand it does mean i will get to finally move on from this company, but this is really some woeful shit to go recapping a company that does need to be.
There should be other ways to get this over the line without pissing all over current holders.
IE get a project worthy of such dilution that it will wash out the dilution over the course of a few weeks and have a solid road map and news flow
For the record in regards to M Walkers holding. Just because he has a big position and he is going to take the same hit like the rest of us, he probably did not pay above 2 cents for his holdings, and im sure he is plenty wealthy enough to take up his full entitlements and wait another 12 months to recoup any losses if he still comes out in the red.
This deal is purely for the good of placement insiders and current non holders.
IMO
CIZ Price at posting:
2.0¢ Sentiment: None Disclosure: Held
