So as I understand, an asx entity (I.e. SPT) can issue an extra 15% shares per year. They are asking shareholders to give permission of a further 10% making them able to issue 25% new shares in the next 12 months.
The SP is down 70% in 12months, and more from its ATH just prior. Are they taking the piss asking shareholders to allow them to dilute 25% on top of that? Also doesn't seem to mention what they plan to do/what benefit the extra funds would bring if the vote is passed.
According to the half yearly they have 66 mio in the bank. Maybe they should use that to increase shareholder confidence before asking for handouts?
SPT Price at posting:
42.5¢ Sentiment: Hold Disclosure: Held
