Any "reasonable person " would read this as fully underwritten .....right ? :
KIN Announcement 14/11/2018 :
"$8.0M Underwriting and Extension of Entitlement Offer Highlights
Binding commitments from shareholders of the Company to subscribe for and underwrite $8.0 million of the current Entitlement Offer to raise gross proceeds of A$10.4 million. "
But then 5 days later.......this :
KIN Announcement 19/11/2018 :
"The Rights Issue (shortfall component) is partially underwritten (66,289,610 new shares or $5,303,169) by Company shareholders who also took up their full entitlement in the Rights Issue.
This leaves a shortfall following underwriting of 14,740,470 new shares.
The Directors reserve the right, subject to the requirements of the Corporations Act and ASX Listing Rules, to place any Shortfall Shares within three months after the Closing Date at the Directors discretion and at a price not less than the offer price.
Underwritten shares and any placement of the Shortfall shares will be dealt with following completion of the AGM and requisitioning shareholders meeting scheduled for 29 November 2018. Upon completion of the Rights Issue, Underwriting and Placement for Shortfall, the total funds raised will be approximately A$10.4 million before costs."
So any "reasonable person" now reads that it is not fully underwritten .............right ?
ASIC ............How can this crap be allowed to keep happening ? We the shareholders only have company announcements to rely on .........this is Bullshit !!!
(to any "reasonable person ")
