So ordinary shareholders who what a decent stake at 85c will likely be scaled back, whilst $1.2m worth of cheap shares are reserved for the lucky directors???????
Sorry, but that stinks.
What they should have done is said if shareholders want shares in excess of the $15m amount allocated, then they would be able to subscribe for shares that were otherwise set aside for the directors....I.e. Up to an additional $1.2.m. Directors would then forgo this offer, (or to the extent of the oversubscription by ordinary shareholders), but could still subscribe for shares, as shareholders in the company, on the same basis as ordinary shareholders.
SLR Price at posting:
95.0¢ Sentiment: Sell Disclosure: Not Held
