So they got approval today at the GM for the issue of 100m shares.
Have to be issued at a value of 80% or more of the VWAP of the previous 5 days trading
VWAP for last 5 days
2009-11-11 - 19.97
2009-11-10 - 20.87
2009-11-09 - 21.81
2009-11-06 - 20.77
2009-11-05 - 19.55
Average VWAP - 20.59
So we could see the raising done as low as 16.5c
I suspect it will be done at the higher end.
Dilutionary, for sure.. Already priced in to the current SP..... probably.
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