I’d be inclined to say this is the opposite and is actually a very good play by management and supporting a long vs short mentality...keeping in mind the tightly held register before the placement.
Do they need all this cash? - we don’t know but we should infer yes to support and give flexibility to organic and inorganic growth.
Could they have bumped up the placement - yes, it was oversubscribed and did they bump it, no. Instead they opened the door for retail. Are many of the pre placement shareholders here for the long haul - probably. Well done I’d say for a number of reasons, not least of which is they’ve clearly considered this impact on all shareholders and could have generated some added goodwill from the base.
just my 2c
by the way I’m considering both on market and SPP at these levels
BCC Price at posting:
45.5¢ Sentiment: None Disclosure: Held
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