Just to clarify, there was approximately $5,900,000 raised through a combination of placement, director loan conversion and SPP. It is broken down as follows:
Placement - (Per 4.1 of ANN 28/10/22) that placement comprised of "an issue toclients of Blue Oceans Equities and other sophisticated and professional investorsintroduced by the Board of Directors of the Company"
Directors - (Per ANN 17/10/22 and AGM) George Lloyd $365,000.00Gerard King $1,000,000.00Mark Elliot $50,000.00Tiger Brown $1,000,000.00
SPP - (Per ANN 18/11/22) SPP $741,000.00Shortfall $150,000.00
So you are right that the SPP was somewhat lacklustre but BOEQ brought a lot more to the table than $150,000. That SPP shortfall was likely picked up by new sophs or some existing sophs who wanted to take up a larger position than the $30k SPP.
I also agree that liquidity remains a massive issue, one which is likely deter further coverage or investment from institutions.
With only 551 shareholders as of last annual report, 60% of which have holdings less than 5,000 shares, and with 94% of outstanding shares held by the top 20 this is likely to remain an issue until the next round of funding.
Still a terrific opportunity if you can manage to snag some, even for those new investors who just want to get themselves on the register.
My thoughts only, DYOR.
ATR Price at posting:
61.5¢ Sentiment: Buy Disclosure: Held
