Thats pretty spot on and really highlights how similar this placement is to the rights issue yet it largely benefits a "select" group of shareholders as designated by the company & to a far greater extent than last years RI...
Pretty poor form really....
Shareholders get offered 1 for 5 with a 12 month expiry
Placement parties get offered 1 for 2 with a 5 year expiry
But hey it's all up to where the company goes from here & just pity the amazingly good offer was only put up for a select few...
FWIW any current shareholders that are involved in the placement will not have their votes counted at the GM so it will be interesting outcome either way.....
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