Best placements are done at a premium, involving a quality cornerstone investor.
21c is no premium. It is not even a small discount.
However, if the US fund is top notch and holds onto their shares, rather than selling any, then that is worth something.
$40m placement represents a decent chunk of BOT's market cap. If the lion's share gets allocated to Australian sophisticates, that means those potential would-be buyers on market will have got their fill in the placement and not be buyers for many months post-placement. What’s worse, maybe a decent chunk of the placement shares will get offered to opportunistic players, planning on doing a quick flip!
I guess we have to wait and see...one of Vince's jobs was to raise quality money! With emphasis on word quality!
It's a sentiment thing... we have to wait and see if the good overpowers the bad.
Cornerstone Placements at a premium aren’t a fantasy: they used to happen once!
Why is Botanix glued to Argonaut? Why haven’t they found someone better?
Ann: Trading Halt, page-90
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Last
34.5¢ |
Change
-0.015(4.17%) |
Mkt cap ! $624.4M | |||
| Open | High | Low | Value | Volume |
| 36.0¢ | 36.5¢ | 34.0¢ | $1.179M | 3.382M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 101976 | 34.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 35.0¢ | 151653 | 1 |
View Market Depth
| Last trade - 16.10pm 20/08/2024 (20 minute delay) ? |
| BOT (ASX) Chart |