I am horribly aghast at the placement sp not so much that they did a raising. Off course it is oversubscribed when you get handed nearly a 40% profit overnight. That is terrible and I wonder too whether they had trouble at a higher price.
The shares have not been alloted so the only selling will be those that hate dilution. The allotmnent needs to be announced via the 3B and usually comes out on the day of allottment. Thats when the flood may come. Thats another 150mill shares.
I don;t think we will see it go back to .008 but if there is some hard selling in the morning the very many millions that have bought on market at 1.4 and 1.5 could get very nervous and that may make them sell and then the sp could retrace heavily.
I wonder if there will be any news in the morning to support the sp?
In terms of the rumours of other things that has not changed.
I suppose on the flip side they now have some cash to get things going. I get the impression that the water thing is an issue. Has anyone looked at the Lachlan shire minutes recently to see if there was any meetings.
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