Hi all - just a comment on the shortfall - be that right or wrong !
The shortfall has occurred because the SP was controlled below the offer price - consequently the retail failed to take up the opportunity as you could buy on market for less - simples - if price was above the offer then shortfall would have been small - additionally the SP had been allowed to be worked over since $2 to get the CR away at a price to gain support from instituitions and sophs - bit like chess
Who benefits from the SP control - prime suspects are the underwriters - they would get more of the shares available under the retail offer - chasing 54.6M got 9.3M - shortfall 46M.
Underwriting is binding upto 70M - a good win for the underwriters - then along comes Trump and Trumps the market - reducing all investment values - maybe the cause of the liquidity event for one of the underwriters.
Now being obliged to take up their share of the shortfall - what do they sell or onsell to solve the problem - PYC - selling what you have to pay for your commitments.
All in all this CR hasn't gone to plan - external forces Trump and catering to the instituitions and sophs - has burnt the retail SH's.
It is now a long way back to $2 and beyond - unfortunately ! - some stunning news now required.
As an aside has anyone else noticed that the recent rise into the 1.30's occurred at the same time the shorts covered (shortman) over 1M shares - in hindsight I am sure they got that one wrong - BIG - and I thought they were clever !
Cheers
PYC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
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