I have mulled and mulled over the proposed SPP and have come to the conclusion that it is totally unfair and bordering on stupid.Firstly, who will be the big winners from a rising share price (due to Kingfisher or other positive news)...the people most likely to dump the stock to take a handsome profit..the small stakeholders!If you only had $1000 worth of shares and say the share price jumped 50% over the next few weeks ( I am extremely bullish on Kingfisher being successful)you would be mad not to grab $15000 worth at 45 cents and take a profit of $7500 for your initial share holding of $1000.
Meanwhile if you are a long suffering shareholder such as myself who has a decent holding in Metgasco you get to watch with dismay as walls of sellers start appearing on the screen to kill off the share price once more. Whats more, why the hell did they announce the SPP now when we are on the verge of Kingfisher results which could drive the price substantially higher and make it easier to raise the money at a higher price! If they were serious about rewarding shareholders, the SPP would have been based around taking up a percentage of your shareholding. For what its worth I will voicing my protest to directors by voting against them receiving their annual bucket load of options at the next AGM.
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