Australia's largest stock trading and investment forum Australia's #1 stock forum

1MC

Click for more information

0.00%

3.1¢ morella corporation limited

Ann: $21.5 Million Non-Renounceable Rights Issue, page-16

First 16 Last

Share
Profile

Follow
Paddywagon1982

1,382 Posts.

508

17/10/19

10:34

Post #: 40925852
Share

Originally posted by Whatismyusername: ↑

This is not good people...... this is a non renounceable rights issue, this means that holders cannot sell their right to acquire shares at 6c.

Unsurprisingly, the rights issue is not being underwritten by anyone. The company could not find a broker willing to take the risk.

The shortfall shares that are expected to results from non acceptance of the apparently overpriced offer then get offered again. For up to 3 months after the close of the rights issue.

This is after the February 2020 interest payment is due. We are likely to run out of cash before then.....

We also require an emergency loan from one of our loss making directors of $2.8 million to get us through the period. What happened to all the stuff we just shipped, why aren't we being paid that?

6c for this issue is far too high in my view. We have a collapsing commodity price and massive refinance risk for the debt of $192 million.

This ain't gonna end well for anyone... smells like A40 all over again to me.

Expand

ship wasn't loaded until the second $17M received in 2nd Oct I expect in line with LOC arrangements previously disclosed !

AJM Price at posting: 6.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

Reply

Top Stories

C29

C29 Metals wins Kazakhstani uranium drill run green tick, Kazatomprom talks mature

PFE

Pantera begins drilling of maiden test well at Smackover

QHL

Aerospace smallcap Quickstep Holdings jumps nearly 100% after 40cps takeover offer

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

There are more pages in this discussion • 157 more messages in this thread...

First 16 Last

Add 1MC (ASX) to my watchlist

(20min delay)
Last 3.1¢		Change 0.000(0.00%)		Mkt cap ! $9.395M

Open	High	Low	Value	Volume
3.1¢	3.1¢	3.1¢	$100	3.225K

Buyers (Bids)

No.	Vol.	Price($)
3	354187	2.9¢

Sellers (Offers)

Price($)	Vol.	No.
3.0¢	84925	1

View Market Depth

No.	Vol.	Price($)
3	354187	0.029
4	103606	0.028
2	72749	0.027
1	35000	0.025
1	61938	0.022

Price($)	Vol.	No.
0.030	84925	1
0.031	968592	7
0.032	8000	1
0.033	41913	2
0.034	269773	1

Last trade - 10.01am 07/11/2024 (20 minute delay)

1MC (ASX) Chart