Thats pretty spot on and really highlights how similar this placement is to the rights issue yet it largely benefits a "select" group of shareholders as designated by the company & to a far greater extent than last years RI...
Pretty poor form really....
Shareholders get offered 1 for 5 with a 12 month expiry
Placement parties get offered 1 for 2 with a 5 year expiry
But hey it's all up to where the company goes from here & just pity the amazingly good offer was only put up for a select few...
FWIW any current shareholders that are involved in the placement will not have their votes counted at the GM so it will be interesting outcome either way.....
PYC Price at posting:
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