I'd say you were half-right. If there is a capital raise at a discount to 20c then I'd say you were right.
Fair enough. So you're essentially sitting on the sidelines for now, but are still holding a few shares to give yourself the option to participate in a non pro-rata SPP.
Based on your current holding, I assume you now want there to be a capital raise (at below the current share price) where you can buy more PAR shares?
Personally I don't see how PAR can make it through to the interim readout on capital raises alone (unless the share price triples like it did in November) and so I won't be participating in any capital raise at below the current share price.
I agree with you that PR has been the boy that cried wolf when it comes to deals, but in the past he could always do another a capital raise to kick the can down the road (while holding out for his dream deal), whereas I don't think that's an option at the current share price.
So unless PR has been making materially false and misleading statements about the number of companies PAR is in "advanced" negotiations with, I think this time he will do a deal – even if it's not his dream deal.
PAR Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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