Yep I'm of the belief the funds that are getting all these discounted CR shares are using the share volume they and their clients (who they act on behalf of) receive to keep subduing the SP while still making profits the entire time because they received the shares at a discount. Very common pattern to see on intra day trading where the share price runs a few cents and then the sell side loads up with a 500 000 - a few mill of shares at a 0.5c - 1c discount to the last trade keeping it from getting too high, repeat day after day after day. Then they just hold out for the next CR to be offered and again they've got a whole new amount of volume at an artificially lower price point that they have carefully curated to repeat the cycle. Who else has this kind of volume to continually throw up for sale keeping the share price down?
Very succinct post I am of the exact same mindset, BoD have not acted in the best interest of shareholders. Not impressed with this CR. Could have raised the $60mill easily at a higher price if it is true it had oversubscribed with commitments of $150ml.
BOT Price at posting:
33.5¢ Sentiment: Hold Disclosure: Held
(20min delay)