A capital raise? I hope I'm wrong but given that it's a trading halt pending an announcement rather than the announcement of a rights issue , it looks like we may be in for a placement. If that is correct, this would be a very disappointing development as it implies a new investor/investors will be front running long suffering and loyal current shareholders. That sux. If the $ is to be used to fund the very bullish prospects detailed at some length in the Annual Report, then I'll hold my tongue and enjoy the ride.
Clearly we're in for a record year both in terms of revenue and profit. Record shareholder engagement would be a nice adjunct. Given that the share price has halved since the major shareholder took over the reins, there are still concerns as to stewardship, but hopefully their work is about to pay off??
EGL Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
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