At this stage we have a buyer at 56 cents & sellers from 58 cents to 60 cents so who is going to exercise the rights & pay 60 cents when there are some shares available for less & no buyers over 56 cents?
This capital raising has become a complete farce & poorly thought out.
The options should have been free & attached to the rights.
In October when SMN had a trading halt before announcing the cap. raise the share price closed at 97 cents.
As I have mentioned previously, all they had to do was have a rights issue at $1.00 & attach a free option to be exercised at any time within the following 2 years at $1.00 & there would have had shareholders clamouring for more. Instead we have nobody buying at 60 cents & some poor souls might pay 10 cents for the options to be exercised at 90 cents.
I hope I have an opportunity at the online A.G.M. to be able to explore the directors thinking & who advised them.
I just noticed some transactions going through at 58.5 cents.
Ann: Capital Raising, page-141
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Last
40.0¢ |
Change
0.020(5.26%) |
Mkt cap ! $54.72M | |||
| Open | High | Low | Value | Volume |
| 39.0¢ | 40.0¢ | 38.5¢ | $86.35K | 219.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 60000 | 38.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 40.0¢ | 2559 | 1 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| SMN (ASX) Chart |