Morningstar $2.10 valuation, page-38

That is a fair question and I have asked that to myself as well. But then I have to ask why particular stocks are placed at a premium ? How can that be justified?

As we can imagine, there are many factors that come into play when pricing a placement. The broker and client base being a major factor, and ofcourse what the company can offer in terms of risk/return.

I can only assume (as that is all us retail investors can do atm), that Kentgrove have told Silviu something along the lines of being able to place their shares at no discount, or else Silviu would not have come out and said what he did about non-dilutive capital (you were right btw).

That to me makes more sense, and may also require some onscreen trading to make up any difference (and any difference between what they achieve vs the 5 day VWAP may eat into their 4.5% fee, as it states they can be paid up to 4.5%).

So for the benefit of us all, I have put an email to MSB in hope of a reply to clarify this issue. I will let you all know what response I get, and if proven wrong - more than happy to eat humble pie.