I never said 15c but expected strong headwinds, 1:1 oppie raises are a big no-no. It's mind boggling why Scott didn't take the $30-40m on offer at 20c raise in May with 2:1. Way less overhang and would've churned through by now with a strong run into spud.
For example, LCT raised at 0.0085 with 1:1 free oppies and the SP subsequently dropped to 0.004 (It's recovered now but took few months to churn). HRZ raised with 1:1 at 9c in June and subsequently fell to 6.9c. Many other examples but those two off the top of my head. 1:1 raises always fall below the placement price because of the attributable value to the free oppies by the investor.
It's investor mentality, if you're given 1:1 free oppies, you're going to de-risk your capital and retain the oppies for free exposure. Sophs don't become sophs without being protective of capital.
It's impossible to know the break-down of who is selling. I would not attribute it entirely to "placement recipients holding existing stock" because as I've previously shown with the broker data, lots of them sold post May raise.
I wouldn't eliminate the possibility that some in the Top 20 are deleveraging ahead of the placement stock hitting the market tomorrow. Would be nice to have an updated Top20 - Scott should provide one if requested via email?
The positive here is we've seen strong volumes and there are eager buyers on the side keen for a punt. Hopefully the churn will be quicker than other examples which are not leading into two binary events that have the potential for multi-bags.
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Last
6.8¢ |
Change
0.000(0.00%) |
Mkt cap ! $97.83M |
Open | High | Low | Value | Volume |
6.9¢ | 6.9¢ | 6.8¢ | $32.94K | 481.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 246807 | 6.8¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.9¢ | 219251 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 246808 | 0.068 |
5 | 344376 | 0.067 |
6 | 246496 | 0.066 |
7 | 904432 | 0.065 |
1 | 100999 | 0.064 |
Price($) | Vol. | No. |
---|---|---|
0.069 | 219239 | 5 |
0.070 | 474981 | 4 |
0.071 | 370417 | 2 |
0.072 | 550000 | 2 |
0.073 | 460000 | 3 |
Last trade - 11.49am 15/07/2024 (20 minute delay) ? |
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