Ann: $10M Equity received to Accelerate Its Growth Strategy, page-4

So we touched CR price of 42, but with free oppies ( 1 for 2 shares), the cost to CR buyers would be high 30s I think. We will never know the oppies price, as they are to be unlisted, but we can make a guess.
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Many are not happy with this CR to sophs and not to retail. One reason is that if they announce SPP only, the share drops to that level, and then many don't purchase in CR. So company does not get full amount. So sometimes companies prefer to go sophs for removing uncertainity. Many do both, a smaller SPP - which I feel some punters were feeling it should have been - so a fair point.

Also, around 20% discount to last price, which I also thought was steep. Couple of months back AGE also did a big discount CR, where's BOE was moderate discount. So don't know. Around 6 weeks back we had touched 38.5. Around 4 days back we had touched 43.5 - I remember because I bought that day. So 50s has not been our usual play, I think it has been average 40s. Not trying to defend, but trying to see if it stacks up. So I feel somewhere around 47 with free 1 for 2 oppies or say 45 without oppies may have been good - so I feel slightly more higher could have been better. But its done now.

One thing I like about EL8 is sometimes it has a very strong price action. Also, its market cap is comparatively low, around $120m at current SP. So if the sector does well, it has got room to grow. But if sector doesn't do well, then whether its EL8 or LOT/PDN/AGE etc, most will struggle to get any decent gain. So we are tied at this stage to sector - though individual announcements can sometimes overpower that.

Personally, I have mostly traded EL8 and follow the swings. Last I had got out couple of weeks back when we moved to mod 50s. After that I have been buying back, mostly on weak days. My average before today was 47. I bought more today at average 43, doubled that holding, my average now 45, so am under with today's price. I am hoping after CR sell pressure, and hopefully if U sector is on an uptrend, we should be back on 50s soon. Just my thinking, I could be wrong, so please dyor.

So what may happen in next few days? Don't know. The shares will be issued on 22nd December - around 23m. We traded over 4m today. So it may hang around here, unless the sector does a push up or sellers feel they can sell higher. So will be watching intently. All the best.