Hindsight is a wonderful thing but it seems the 2 x 6c tranches were not required given Roly has rattled the can only 6 weeks after receiving $1.4m and then a further $900k in R&D refund + the $220k from himself and the rest of the board. We always get pissed off with CR's but the timing today is very questionable - why couldnt he wait until the results of the PP and the update with the European entity?
I totally get the 6c raise - he could have waited until the Alcoa announcement but maybe it was a gesture to Regal and Fosters for being supporters of the stock - especially Regal having held for quite sometime with no reward.
I'm not overly happy with today's timing (and given Fosters is involved again) and I think most shareholders wouldnt be either but the positive is this should give us a floor price in the 20's as it was only a few weeks ago we were getting smashed at 14c-16c (see below)
View attachment 2692496It feels like we have gone a 12 rounda with Iron Mike given what Regal and Fosters did and subsequently what they did from 18th November when the share price hit .275c
At the end of the day - Insto's and Soph's control the share price and we cant do anything about it. This should have run into the 30's last week but obviously the word got around and it was smashed to 20c yesterday.
The last CR was at a 12% discount to the 15vwap so I'd say the same may apply again which would bring the vwap at .23c and a
CR at 20c and maybe around 10% of the market cap - which would be anywhere around $5-$6m
What I dont want to read this time around is that "The Placement received strong support from local and international investors as well as several existing major shareholders including
Regal Funds Management who has materially increased its 11.5% stake in the Company".
We all know what Regal did and destroyed momentum and confidence once the Alcoa announcement dropped - but I guess the 6c holders were sitting on a 4 bagger so justified to take profits in such a short period of time.
Can we 4 bag again after a few announcements - bloody oath we can and I think we will. I'm ready for another 12 rounda. See you guys at 80c
