paraShould be grateful i suppose that they were able to raise...

para

Should be grateful i suppose that they were able to raise capital in these disasterous market conditions. Its an indicator of the strength of the ESG story and the interest in investing in it I guess... that's a good sign!

Its hard to say what the share price response will be, but technically we had a very big up day on 4/3 from a close of 57 the day before to a close of 65 .. 8 cents ( we all thought that was good news coming .. it now seems it was also to do with the placement!). Then there was a gap up on 5/3 to open at 66. This gap has a good chance of being "filled" and part of the 8 cent rise on 4/3 could be given up as well ... so back to low 60s is my guess for an initial response. That's in the absence of other "good news" accompanying the placement announcement. There's every chance that after this initial response over the coming days and weeks the share price will recover back towards 65+ (particularly as the implications of the lateral results become moer apparent to the markets). It depends a bit on whether the placementees take some short-term profit.

The one thing we don't know yet is whether the placement is all to brokers and clients. If any major instos take some and if TRU and HGO also take a chunk to maintain their positions then that will be a good sign and should limit any selling. When instos get involved share price appreciation is likley as they accumulate more.

Looking forward to everyone's comments tomorrow once the details are known.

H