That is just blatantly wrong. They raised $20m at 20c when we were trading at 22c. They should have taken $60 but ohwell. They still raised at basically the equivalent of 60c for PLS (and for those who think PLS is worth more than 3 times AJM well they did even better).
The SPP was done to give existing holders a fair go. How did management know at the time PLS and AJM share prices were both going to get slammed and it would be trading at under the issue price. $3m is going to make very little difference to the company and as such why would holders participate in the SPP vs buying on market?
They probably have $40m more to raise pending available debt and further funding from BOA/Lionergy. Even at current prices they could raise that in a 1:5 rights issue and give holders a 24 month option exercise-able at 25-30c at 1 option for every 2 rights shares. Raise completed and holders would be happy imo.
Cash raised and AJM first to market. Watch it happen.
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Last
$3.06 |
Change
0.040(1.32%) |
Mkt cap ! $9.210B |
Open | High | Low | Value | Volume |
$3.04 | $3.12 | $3.02 | $47.88M | 15.58M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
18 | 321604 | $3.06 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.07 | 269930 | 12 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 98240 | 3.060 |
13 | 82683 | 3.050 |
13 | 75513 | 3.040 |
10 | 29960 | 3.030 |
20 | 88646 | 3.020 |
Price($) | Vol. | No. |
---|---|---|
3.070 | 400 | 1 |
3.080 | 7280 | 2 |
3.090 | 11600 | 2 |
3.100 | 66993 | 13 |
3.110 | 237299 | 9 |
Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
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