I never said 15c but expected strong headwinds, 1:1 oppie raises are a big no-no. It's mind boggling why Scott didn't take the $30-40m on offer at 20c raise in May with 2:1. Way less overhang and would've churned through by now with a strong run into spud.
For example, LCT raised at 0.0085 with 1:1 free oppies and the SP subsequently dropped to 0.004 (It's recovered now but took few months to churn). HRZ raised with 1:1 at 9c in June and subsequently fell to 6.9c. Many other examples but those two off the top of my head. 1:1 raises always fall below the placement price because of the attributable value to the free oppies by the investor.
It's investor mentality, if you're given 1:1 free oppies, you're going to de-risk your capital and retain the oppies for free exposure. Sophs don't become sophs without being protective of capital.
It's impossible to know the break-down of who is selling. I would not attribute it entirely to "placement recipients holding existing stock" because as I've previously shown with the broker data, lots of them sold post May raise.
I wouldn't eliminate the possibility that some in the Top 20 are deleveraging ahead of the placement stock hitting the market tomorrow. Would be nice to have an updated Top20 - Scott should provide one if requested via email?
The positive here is we've seen strong volumes and there are eager buyers on the side keen for a punt. Hopefully the churn will be quicker than other examples which are not leading into two binary events that have the potential for multi-bags.
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Last
6.8¢ |
Change
-0.001(1.45%) |
Mkt cap ! $103.1M |
Open | High | Low | Value | Volume |
6.9¢ | 6.9¢ | 6.5¢ | $74.12K | 1.099M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 150000 | 6.7¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.9¢ | 255859 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 150000 | 0.067 |
3 | 116666 | 0.066 |
7 | 577232 | 0.065 |
2 | 407500 | 0.064 |
2 | 215888 | 0.063 |
Price($) | Vol. | No. |
---|---|---|
0.069 | 255859 | 6 |
0.070 | 1005000 | 8 |
0.071 | 1064037 | 10 |
0.072 | 962245 | 9 |
0.073 | 1036012 | 6 |
Last trade - 12.05pm 12/09/2024 (20 minute delay) ? |
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IVZ (ASX) Chart |