Completely agree mate. I just find this move almost unbelievable. In a hot market where you need to raise capital for a good reason, there's no dramas with an SPP, because holders will piss and moan because they weren't allocated their fill. When you're in an epic downturn, and you need to raise capital to keep the lights on, AND you're raising at a >20% discount, you don't include an SPP because you know the share price is going to get hammered below the raise price, and retail investors can buy on market below the raise price if they're still keen.
What's so frustrating is that this is absolute rookie shit. It's not just Chris, I'm shaking my head at the whole board. Surely one of them would have realised that this is a really dumb idea, and it's only a further point of advertisement that no-one is interested in taking it up. Their decision making process astounds me.
The only credit I will give them is that they were smart enough to pull the plug. If they stuck with it, and they only got a small amount of the placement filled, that would have looked even worse. At least this hides just how bad the level of disinterest was.
These guys did a fantastic job in 2024, but it's almost like the BOD have made a collective New-Years resolution to do the dumbest shit possible in 2025.
But hey, we're green today. Yip yah, just another 15c or 55% rise required to make it back to where the shitshow was announced at 42.5c.
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