How Nearmap's Macquarie capital raising was flummoxed by a crystal ball gazer
*** Newman defended the company's handling of the capital raising.
There is now an open question as to what the ASX will do next. Will it refer the matter to the Australian Securities and Investments Commission for further action?
Chanticleer would not be surprised if ASIC gets involved considering the stock was trading on the back of what appeared to be well informed rumours for most of the trading day on Monday.
The person with the crystal ball appears to have inadvertently or, possibly deliberately, created an uninformed market in Nearmap shares. Either way it resulted in a messy capital raising that distracted attention from one of the fastest growing tech stocks in small cap land.
The $25 million raised by Nearmap will be used to expand the company's operations in the United States. It provides geospatial map technology for business, enterprises and government...
