Holders seem to forget that when small caps do a CR, they always...

Holders seem to forget that when small caps do a CR, they always pay a premium on the capital they raise, in many cases the discount on VWAP can be up to 20% at the steep end, 10% very common and then you have to pay the broker for the book build and other costs.

Nobody is giving money away for free in this game, the money people know the game, and have small companies over a barrel. LDA are no angels, but the way this deal has panned out over the last few years has worked out OK for BRN because the SP went crazy about 2 years ago (which kept dilution down considerably) - so I am not buying any of the doomsaying rubbish being pumped here by the fear mongers at the minute.