I hadn't read the placement details fully until late last night.
The placement is at the lessor of 3.2 cents or a 20% discount to the VWAP in the 5 days up to and including the closing date, ie 20/11/13 to 26/11/13.
Share price has been hovering around 4 cents, which coincidently when you apply the 20% discount gives you 3.2 cents.
For the rights issue earlier this year at 1.2 cents the share price drifted lower from the announced issue. Then when the newly issued shares were quoted they dropped to trade in a 1.1 to 1.3 cents range until their Anticipated Financial Year 2013 Results announcement on 16/5/13 when the shares slowly started climbing again.
They have only really got to the 3.2 cent level about a month before this SPP announcement although the graph suggests a continued up-trend.
CSS Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
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