What the heck are you referring to JB?
Based on what was clearly spelt out in the announcement today the CR comprises an Entitlement Offer of shares (plus over-subscription), plus a separate Offer of Options - this is exactly the same structure previously sought. Whether the Option offer is renounceable was not mentioned today (previously the Rights to Options were renounceable, and probably this will be the same case, and whether the Options are quoted also not mentioned, previously proposed not to be quoted)).
The pricing obviously must be sufficiently attractive for take up, but since this is an Offer to EXISTING shareholders then provided you have BELIEF then whilst increased shares is not ideal, getting them at a discount goes some way to rationalise the increased shares. Of course it would be better to not dilute current shares too much, but the fact is the market knows about the CR and effectively is forcing the price lower. IMO this will stop once the funding is completed, probably better to get it over sooner than later.
My understanding is that having been suspended for more than 5 days the Company CANNOT undertake a Placement instead of an Offer to all shareholders.
I would like our main shareholder (Hedge Fund) act as underwriter to the primary Entitlement Issue, but that probably would have occurred for the previous proposed Offer if that shareholder had an interest to do so.
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