My problem with this whole issue is that the company's biggest supporters, those in the top 100 shareholders, are possibly the one's that are most affected by both the allocation and the rights issue. In many cases these shareholders have thrown so much into buying SMN shares that there is not a lot left in the kitty to buy into another 1 for 6 issue at .62 cents.
So they are diluted by both the the allocation and the rights issue. I know in my case I would at best be able to afford a 1 for 10 issue at .62, and that would be stretching it.
Surely following the imminent approval from FAA, combined with cash flow from AEM and soon to follow guaranteed contracts from Delta they would be able to borrow a reasonable amount in a couple of months time. Management have repeatedly said FAA approval will come well before the end of this year. In need this could be combined with a smaller rights issue to cover initial requirements.
Just my thoughts.
Ann: Notice of Requisition for EGM, page-188
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Last
39.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $53.35M | |||
| Open | High | Low | Value | Volume |
| 39.0¢ | 39.0¢ | 39.0¢ | $1.792K | 4.596K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 6698 | 37.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 38.5¢ | 5000 | 1 |
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| Last trade - 10.09am 24/05/2024 (20 minute delay) ? |
| SMN (ASX) Chart |