Entitlement price $6.50 Vs Placement price of $13
The true cost base of PBH shares can only be determined by accounting for both the Entitlement and Placement offers. Therefore, PBH’s placement price is likely to be around $13 per share as this provides an average discount of 11% on the closing price.
$13 per share is not unrealistic as PBH are only raising $150m in the placement. This represents approximately 9% of their issued capital. Institutional holders will need to pay a premium price over the entitlement offer to acquire additional equity.
As shown in the calculation below, combining the Entitlement and Placement offers results in an average buy price of $12.17 per share. Based on the following assumptions.
- Average buy price for entitlement offer $13.13;
- Entitlement offer full subscribed for at $6.50;
- Market value of options issued $3 per option;
- Price paid for each Placement share $13; and
- Additional placement share acquired being 15% of the number already held.
Anybody that acquired with an average cost base of $5.00 per share will maintain a cost base of $5 per share. This is below the Entitlement issue price of $6.50. Assumptions:
- Average buy price for entitlement offer $5.00;
- Entitlement offer full subscribed for at $6.50;
- Market value of options issued $3 per option; and
- Do NOT participate in placement.
Anybody that acquired with an average cost base of $2.00 per share will see their cost base increase slightly to $2.40 per share. This is below the Entitlement issue price of $6.50. Assumptions as above, except for the initial cost base reducing from $5 to $2.
All calculations above assume the options are sold for $3 per share. The results are different if the options are exercised at $13.
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Last
68.0¢ |
Change
0.030(4.62%) |
Mkt cap ! $225.3M |
Open | High | Low | Value | Volume |
66.5¢ | 70.5¢ | 66.5¢ | $2.717M | 3.969M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 5000 | 67.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
68.5¢ | 24148 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 5000 | 0.670 |
1 | 2000 | 0.665 |
1 | 500 | 0.660 |
2 | 1435 | 0.650 |
1 | 7874 | 0.635 |
Price($) | Vol. | No. |
---|---|---|
0.685 | 24148 | 2 |
0.690 | 24173 | 1 |
0.695 | 30769 | 2 |
0.700 | 31074 | 1 |
0.705 | 6333 | 2 |
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