Anyone else disapointed in the timing for this turn around strategy? I can't see why they couldn't steady the ship with the amount of shares currently on offer before doing a capital raise in 6 months or a year. Say they managed to post a small profit for the half leading up to christmas the share price would have at least gone to 30 cents. (They are expecting EBITDA for 2020 FY of 46 million). A capital raise at 20 cents means half the shares are needed issuing compared to now at 10 cents. The amount of shares they are giving out is going to cripple this company in the short term and make it harder for the share price to recover.
Also not a fan of the CEO trying to sneak in 15,000,000 performance rights for himself in this meeting. That is a but load of shares even after the expected dilution that he is signing off on for the rest of the share holders. He would nearly have 1 percent of the company fully vested. I'm glad electronic voting now makes it easier to vote no to these resolutions but unfortunately I won't have enough shares to swing the vote much.
RFG Price at posting:
14.0¢ Sentiment: None Disclosure: Held
