The preponderance of capital raisings where the share price ducks below the placement price is suspect imo. With the shares issued under the placement, there hardly would have been enough time for the placees to dump their shares above 52c.
To me this suggests the placees (i.e. proposed recipients of placed shares) would have been given the heads up on the impending placement well in advance and the terms of the placement (i.e. 52c). The placees would have sold off their existing holding above 52c or entered short positions with which to close their short positions well before the placement.
I seriously doubt any of the institutions which participated in the placement are out of pocket with the share price where it is today.
MEO Price at posting:
48.5¢ Sentiment: None Disclosure: Not Held
