With the close on market today at $1.42, presumably the SPP will be hard pushed to raise the full $2 million sought. As the SPP is not underwritten, it’s probably good in retrospect that the institutional placement was increased in size by $5 million.
Mind you, tranche 2 of the institutional placement is still to be completed (subject to shareholder approval on 4 June), however assume there are firm commitments in place to subscribe subject to shareholder approval or failing that Bell Potter as underwriters are presumably still in the hook.
Taking the longer term view, I’m not unhappy that the number of shares on issue will presumably be less than what would otherwise be the case if there was huge demand for SPP shares.
Ann: Coventry Launch announcement, page-6
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