Yep, I reckon this announcement was just a favour to Bell Potter, which has about 2.7m shares to divest. Gives it a 10% stag profit on the underwriter shares.
- a short two-week SPP - documents not sent to all shareholders and very late to others - no provision for shareholders to apply for more than their 1/33 entitlement.
All this led to a very unfortunate 37% take up (and worse, may be used to justify the capital raise structure - "you see, you can't rely on retail holders to fund the company")
- then a repeat-of-November announcement to give the SP a bump.
Maybe Alan also had to promise to name a child Bee Potter?
Anyway, bring on the next patient with a complete response, and all the Bell shenanigans will be (not justified, but) forgotten.
CU6 Price at posting:
$2.81 Sentiment: None Disclosure: Held
