I don't like that L1 acquired under the institutional placement at 15c and are sitting on a 50% profit. If that was interest on a loan what kind of interest rate would that be?
I have voted against the institutional placement. It unfairly and substantially dilutes the interests of existing holders (all of whom acquired their shares at much higher prices), and appears to be a masked way for the Board to pump support, retain their control and avoid transparency.
If they wanted to raise the money, they should have limited the raise to existing holders. It was afterall oversubscribed. They should have welcomed APAC's interest and requested that APAC acquire up to 15-20% of the shares on market and given them a board seat, or else offered to issue the additional shares to APAC without a discount (possibly a slight premium).
MLX Price at posting:
21.5¢ Sentiment: Hold Disclosure: Held
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