Original post here !
Below is what I posted on the AVZ forum when they took the Pattos special !
"two weeks ago the stock was trading between 7c and 8c - They should have been easily able to find multiple instos or sophs who would have put in $5m at 6c but it appears they couldn't - I cannot think of one plausible benefit to the company to have priced the SPP at an unknown future VWAP
they dont even know who Pattos are going to place the stock with ? surely a cornerstone friendly insto even at heavily discounted price say 5c would have been a better option - The retail punters also would be more likely to send in their $15k cheque knowing what price they would be paying - its a dogs breakfast and reads more like desperation than a strategic move ( IMO )"
Spot the difference ? looks pretty much identical to me !
Ann: AUZ launches underwritten Share Purchase Plan, page-334
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