Hi Tangrams, what i mean is that if the SP remains at 1.1c at the time the stock delists then 17:1 would equate to 18.7c.
Now the 20c issue price was SUPPOSED to represent a discount in order to attract interest to the raising. At the time this was all announced i believe the post consolidation equivalent SP was in the region of 28c. Therefore new shares at 20c are quite attractive are they not?
How can you tout a discount to interested parties when they are effectively paying MORE than the underlying SP?
Ofcourse RRR are underwriting the issue so i would imagine that the full underwriting amount would go to RRR at the moment which perhaps says something in itself? ;-)
There appears very little buy support at the moment so who says 1.1c is the low? Historically yes but that wont be enough to keep the SP up i would imagine.
Like i said earlier, the timing has been very poor!
Interesting prop currently at 1c by the way. RRR perhaps? ;-)
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