The fact that the directors have used the language "proud" of the placement has sealed their fate. It's the worst deal in history.
They have attributed a pathetic value to their own company.
Not cross promoting, as it's a very different company and circumstance, but BHP just paid a 30% premium for another 5% stake in SolGold. Now that's something for the recipient to be proud of.
10% of the company at a 20% discount to VWAP - they should hang their heads in shame. Still can't get the foul taste out of my mouth.
I'd be interested to find out where the directors are funding their loans from...
