Alternatively, they just sold and will buy back in the SPP. They lower their cost base. They get access to options to potentially increase their holdings on good terms and access to the piggybacks.
Next week will be interesting. The timing to sell, get the cash, transfer it to the SPP will mean there is only a couple of trading days in the VWAP where there is downward pressure on the SP. Share sale volume later in the week will give us a better picture of how many people are selling at all-time lows as BLG finally commercialises.
Will BLG only get the underwritten $3m? Will they get $6m oversubscribed with scaleback. Or will it be somewhere in between. Time will tell.
BLG Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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