You can buy them at 6.1c at the moment on market. The counterparty you are buying from may be using the proceeds to take up options or maybe selling because they took part in the placement. In any case, buying now is likely to support BLG on similar terms to the raising.
My understanding is BLG wanted to get more institutional investors onboard with this raise. You need to remember retail investors didn't pile in on the 3c options back in November 22. James was very clear on the good news to come and that the next raise would be at a higher price. Retail investors were exhausted, and it was time to focus on new institutional investors.
1:10 rights would have raised another $8.1m (vs $2.7m) and that would be surplus to their needs at this time.
BLG Price at posting:
6.1¢ Sentiment: Buy Disclosure: Held
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