PDN managed to raise $300 million overnight, through convertible bonds. The conversion price is $US5.665 per share, which should have declared a value to the market.
The fact that the takeup was completed overnight demonstrates confidence in the company. The company can now settle all its 2011 bonds, and have $50 million left over for working capital.
I have absolutely NO idea why the market is reacting negatively - no matter how hard I look into it and think about it, I really can't see a negative aspect to it at all...
Can anyone else enlighten me as to why this was a bad thing?
I admit to being completely stumped by the market reaction and selldown?!?!?!
Especially with the uranium spot price shooting up - it's now up to $52.50/lb
why the strange market reaction?
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Last
$9.79 |
Change
0.040(0.41%) |
Mkt cap ! $2.927B | |||
| Open | High | Low | Value | Volume |
| $9.90 | $9.96 | $9.77 | $22.83M | 2.323M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 22420 | $9.79 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $9.84 | 11020 | 3 |
View Market Depth
| Last trade - 16.10pm 30/08/2024 (20 minute delay) ? |
| PDN (ASX) Chart |