If you go through the coy announcements, the entire entitlement issue shortfall (excluding the 8M reserved for the cornerstone investor) had been fully/slightly oversubscribed for on 10 February. Thus, they were not actively looking to place any further stock. On 17 March the cornerstone investor pulled out (more on this below), and the coy was then obliged to place this stock.
A HC poster a few days ago mentioned that only $500K of $1.36M was still available. These things take time - ie broker/adviser recommendation - investment decision - posting a cheque - cheque clears - share registry notified - shares issued - ASX notified via Appendix 3B. I bet if you rang or emailed the coy now they would say so sorry - too late.
With regard to the "cornerstone investor", i expect they were trying to hardball a lower entry price and i congratulate our directors for giving them the middle finger and looking after the existing shareholders, even us little guys!
We are now "climbing the wall of worry" and the upside potential is significantly greater than the downside, which is why we are here in the first place aren't we?
OGX Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
