I agree with what you are saying here
@Mallyrock, and I think the CR is a good pre-emptive move by RNU, no problems with any of that. I also think
@bombersmadd has just brought up a very reasonable line of thought regarding this CR covering increased CAPEX for envisaged larger production.
IMO however it is disappointing that RNU are taking a 14.07% discount to yesterdays closing, which was 32c, this CR would have been in the planning for sometime and the PEPR was the trigger point. So if my supposition is correct, then why didn't RNU bite the bullet on this last week when the SP was several cents higher.
On top of this interesting piece of timing, it is an Institutional Placement only, nothing for retail whatsoever, it has been suggested here that the SP will revert back to 27.5c, I think that is not on the cards, rather I would expect SP moving up from here - if the general market condition doesn't deteriorate too significantly right now. My thinking is that the Board could have held a stronger line on what they have been prepared to give to the instos here - and won't the instos be very happy
Having said that I understand that capital is getting tighter, however we also know that there is a huge amount of capital moving into the battery minerals sector, and in that light I feel disappointed at the actual mechanics of this CR.
At the end of his comment today DC says "he thanks retail SHers for their ongoing support", so I am a big fan of DC (I don't often post but have held RNU over 2 years) and I think in general he has done an excellent job. But not happy, the dilution IMO didn't need to be so much, the discount is hefty - surely 10% on a dead set certainty like this would be plenty enough, and we didn't get a look in - how many here would've jumped at the chance ?
Anyway as has been said, RNU can now move full speed ahead with development of the project which is great news for our company. Just putting the cat amongst the pigeons, GLTAH
(20min delay)