They have of course been talking about raising this money for months. Will a Hong Kong listing or other now be off the cards for now with this capital raising?
It is a pity for Galaxy to loose the hearts of shareholders, but I'm finding it hard to connect the dots. Like others have commented, I agree they should included share holders in these things, and one minute the Hong Kong listing is postponed due to "poor financial markets" and Iggy Tan says "that whilst the Company is very disappointed to have to delay its Hong Kong IPO, it is a prudent decision in light of serious international events and related market volatility" than does a capital raising using a 13.6% discount to a 30-day volume weighted average price VWAP cutting right through this volatile period.
Fare enough the big picture, but looking after shareholders has got to be part of that one hopes.
On the positive flip side, there clearly is market confidence in what GXY are planning to pull in this money during or hopefully just after "serious international events and related market volatility".
institutional placement, page-19
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