Market price below offer price is pretty damning, execution risk and lack of insto support for the offer is also a bit of a negative. If they can turn around Century, and metal and commodity prices stay up and they execute well at Century and Queenstown then this will look like a bargain in hindsight, the market seems actively disinterested in Zn producers/miners for the last 30 years (except for the 5 minutes of sunshine before the GFC).
I think this entitlement offer could produce a massive overhang in shares and be a significant road block to share price appreciation so it looks like investors might be able to pick and choose their lower entry points in the future.
NCZ Price at posting:
15.0¢ Sentiment: Sell Disclosure: Held
