Strategy aside (I think the new strategy looks pretty good), I'm not happy with the way the capital raising has been done. My reading of the announcements this morning seems to indicate that despite the shares trading ex-entitlement, retail shareholders won't be entitled to participate unless they continue to hold until close of business tomorrow (ex-record date). This gives the institutions that have already had their entitlements issued two days to execute any short term profit strategies based on their already assigned shares while retail shareholders are told they need to hold on (reducing selling pressure for the instos for those two days) for the next couple of days if they want to participate. Unless I'm not understanding that announcement correctly? For it to be equal retail shareholders should be now ex entitlement, it seems to give preference to one lot of shareholders (institutions) over others (retail). This combined with the absolutely massive short position which indicates instos knew this was coming.
Anyone able to clarify whether I understand this correctly?
All imo dyor
MYR Price at posting:
$1.21 Sentiment: Hold Disclosure: Held
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