The only conspiracy there is, is with the underwriters wanting to scoop cheap shares, and the board blatantly assisting shareholder value being destroyed.
Comparing to Nab is a very poor comparison and not an apple to apple here.
Nab's raise was much smaller (20% of market cap vs 100%+ of market cap), and wasn't done at a massive (over 75%) discount to their NTA per share.
The facts are URW, has the liquidity to weather this period comfortably, and they will be much better served through asset disposals at book value (well even 50% value is better than a cap raise due to the high discount).
URW's board seem to be blinded by ambitions of keeping their real estate empire (and pay packets) large and not dilute their income, at the cost of regular shareholders.
Vote against Capital Raise, instructions, page-20
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Last
$5.99 |
Change
0.140(2.39%) |
Mkt cap ! $662.9M | |||
| Open | High | Low | Value | Volume |
| $5.98 | $6.00 | $5.97 | $739.8K | 123.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 278 | $5.98 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.01 | 10000 | 1 |
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| Last trade - 16.10pm 15/11/2024 (20 minute delay) ? |
| URW (ASX) Chart |