@ralom
that would be very expensive for very little value in this situation. Underwriting fees are around 5% to 7.5%. For a small $6m raise, it will be on the higher end.
$6m x 7.5% = $450,000 fee.
with 1.5 weeks to go bonus options are close to the 75 % target with “free” underwriting from loyal shareholders (including me, I have given RAC my $ commitment to take up any short fall, but I don’t expect to receive much or any), and from unknown (new?) institutional investors.
So in hindsight, Race made the right decision.
I also suggested to Dr T, if legally possible, Race should keep and exercise any bonus shortfall, after 75% minimum is reached.
The new shares & Piggies will be so value in future. They can then offer these to new institutional investors that want to get in on a large price spike after some good fundamental news. This will add a bonus to Race’s cash position.
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