This has to be the ultimate irony - they are struggling to fill a piddly $1.5m CR at 3.6 cents and have extended it 3 times (so far). Market price has been well below the CR since it was announced . . .
Director who owns around 13 million shares buys on market at 3.3 cents (tiny investment of $9k). Why not just pay the extra $800 and take them at the CR price they want retail holders to pay? Is he taking his full entitlement at 3.6 cents? If so, that's around $80,000 - how does it make sense to buy another $9,000 worth at 3.3 cents - would bring his entitlement buy down from 3.6 cents to 3.55 cents, wow.
What odds of a 4th extension to the CR?
Someone correct me if I'm wrong, but doesn't RNT have close to $40.0m of retained losses on the balance sheet?
If correct, then a $9.0m mCap at 3.6 cents is a scary thought. The company is far better in the hands of someone who could apply those losses - value might be $15.0m just on that basis. They came into the ASX on a backdoor listing and will probably go out the same way.
RNT Price at posting:
3.6¢ Sentiment: Sell Disclosure: Not Held
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