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12:27
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Originally posted by JoeGambler:
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It did clearly say in the SPP document that it could result in a pro rata scale back if oversubscribed. The last capital raise was significantly oversubscribed, it seemed obvious that this one would be to, given it was even further discounted. The last raise was also different in that it was a straight scale back, irrespective of your previous shareholding. That meant investors with say, $1000 in shares prior to the raise received several times there previous stake in the company at a discounted rate, however those with larger holdings received far less in proportion, this was not fair. Your allocation to new shares should be reflective of your previous commitment to the company, not a juicy option for someone with 100 shares to take up 30K in new shares for risk free profits.
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I know several CCP shareholders, and none of them knew there should be a such large scale "scale back". I didn't know either.
(20min delay)