Welcome to the overhang. This is what I meant by investors chasing pips that would cost themselves in the end. We'll be held here for a while.
Hopefully the increasing gold price enables the underwriters to churn through their new investment relatively quickly. Also, I hope this doesn't discourage management from offering a retail entitlement in the future. Whatever you think about how this has been structured and price paid for the asset, I've been in plenty of companies where retail doesn't get a bone, which is far worse.
Ann: Completion of Retail Entitlement Offer, page-3
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