I believe that there are many good things going in behind the scenes, however this is not one of them.
To be frank, Iam pretty disappointed to be honest on a number of fronts;
- The amount of new paper being issued, such a heavy dilution for existing shareholders ~ 25% dilution? Yep, thanks,
- The discount to the share price (if these Insto's were so keen on going substantial, they would of paid $0.40 or even a premium), It would of sent a strong signal to the market for this to be done at market or even a slight premium.
- Whilst I welcome IFM Investors as a substantial shareholder, they have had a few decent wins of late (GSW being one of them), Iam not so sure about Regal owning this much of the register. Are their intentions genuine? Can we expect to see them lend the stock to their short fund and move the price around for the sake of a few basis points %?
- The share price had only just recovered from the last capital raise at $0.40 and to go and pull the trigger now at $0.36 after telling the market there was no need? hmmmm
- Sweet deal for Aesir clipping the ticket for 7.5% ~ $1mil, easy as you like....
This pretty much sums it up -
View attachment 771555
The trading post trading halt will tell the real story. Does the heavily oversubscribed demand translate into on market support? We will find out in 30 minutes...
