It means they set out to raise capital but found no willing investors, an inconvenient truth now conveniently blamed on the supposed distractions of reporting season. A rather flimsy alibi, if ever there was one.
Meanwhile, the market is denied its natural reaction to a $4 million windfall as trading is abruptly suspended, only for shareholders to be greeted with the delightful news of an imminent capital raise almost certainly at a discount. Quite the masterclass in shareholder value destruction from this management.
CHM Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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