Subscription of shares at 6 cents is an improvement to the terms. But if you look at Sinomine’s supplemental announcement dated 3 April, it suggests Sinomine was required to limit its shareholding of PSC to below 10% under listing regulations, ie the bump up in share issue price not a commercially negotiated result.
Also, the volumes in their recent announcement is 29% below what was announced previously. Not sure if this is Sinomine reducing their order, or at PSC’s request on hopes of more attractive orders.
Re Sinomine’s acquisition of PSC, I’m not optimistic as Sinomine is already in the midst of another M&A deal and business reorganisation. So they’re probably focusing on closing and integrating that deal in the short term. Happy to be proven wrong
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