I think they had to heavily discount it or institutional investors would have not supported the stock if they were not going to get a good deal. The actions of Myer and other companies in Australia paint to a deteriorating outlook and I think they realise they needed to pull of a capital raising now as it might be difficult in the next 2 years. Think about it why were the banks in a rush to raise capital when they did not have to do it until next year?
You might be right about this all just an exercise to help all the big boys large shorting positions exit. Over 21 million buying today so unless these are new investors it could be short covering while keeping the price held at the capital raising price.
MYR Price at posting:
94.0¢ Sentiment: Hold Disclosure: Held
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