company should have given the opportunity to shareholders who hold an umarketable holding (value less than $500) the opportunity to top up their holdings in this raising and not give any shortfall shares to underwriters who are mates of the BoD. Looking at the annual report there are 2138 holders who don't have a marketable shareholding. Could have at least given the opportunity to top up to $500 or $1000 and then done a sale of unmarketable share. Imagine this 2138 holders and 50% take up the offer to top up with $500 investment this would then bring in 500k or if everyone did 1M......
from annual report share before consolidation.... what will happen is a sale of unmarketable shares will be announced 3 months after this raise. This is not looking after existing holders at all as then you have to buy on market and company gets none of the funds directly...
ARE Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
