Well, at least your question answered. I did say VWAP SPP raisings are a joke. They never go well at this end of town. Retail moan if they don't get in on Insto' offerings, but similarly the price often trades down to the pre-announced SPP or far lower on a VWAP. The price becomes endogenous/self-enforcing as retail wait to pick up every slightly more discounted shares in offering rather than on market.
Not quite all time lows but not far off. A terrible raising, in a terrible financial environment to do raisings.
Fully subscribed at this ridiculous price, where I will now be buying more given the "over-subscription"
(who are they kidding?).
Feel sorry for long-term holders and even our (former?) great leader. But CYP is a buy down here. Short term market dis-functional pricing on raise. Ross et al have done a proper p*ss-poor job on this company in the last few years starting with Sumitomo in late 2019.
There is value here for new investors and those not too heavily dented by the recent falls:
