Well, it looked like an orchestrated auction so as to push the SP back to half a cent come closing time.
Normally, I would think that someone managing a sophs capital raising would engineer such a thing, but given that the 2 previous sophs' raises at 3c then 1.2c with options would hardly have been profitable, if at all in fact, for the flippers among them, then i wonder if a sophs raising is pending. Non-flippers would either have sold out at a loss or have not sold and are sitting on big losses.
Those shareholders, like me, who subscribed to the rights issue at 0.7c are losing badly now. The Chairman and MD would not be losing though as they did not participate.
Now to the Placement. It had the same set-up as the rights issue. However, given the lingering in announcing anything about it (it should have closed last Friday), plus the lower SP on the exchange for some time, it looks like a dead duck. If it is, then heaven help us; 'us' including the long-holding top 20 members. They must be feeling most unwell too.
Maybe the Placement is not dead though. Instead, all of the available shares have been pencilled-in to go to the gold producer that will take on the toll treatment of the SE gold. It then would become a substantial holder and also perhaps get a rep on the Board as a condition of taking the shares up. They are tying up the loose ends as I type. Sigh!! The company badly needs something like that to happen.
It would be good to hear from a top holder or 2; also any sophs who participated in either said cap raises at 3c and 1.2c
SPQ Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
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