Entitlement price $6.50 Vs Placement price of $13
The true cost base of PBH shares can only be determined by accounting for both the Entitlement and Placement offers. Therefore, PBH’s placement price is likely to be around $13 per share as this provides an average discount of 11% on the closing price.
$13 per share is not unrealistic as PBH are only raising $150m in the placement. This represents approximately 9% of their issued capital. Institutional holders will need to pay a premium price over the entitlement offer to acquire additional equity.
As shown in the calculation below, combining the Entitlement and Placement offers results in an average buy price of $12.17 per share. Based on the following assumptions.
- Average buy price for entitlement offer $13.13;
- Entitlement offer full subscribed for at $6.50;
- Market value of options issued $3 per option;
- Price paid for each Placement share $13; and
- Additional placement share acquired being 15% of the number already held.
Anybody that acquired with an average cost base of $5.00 per share will maintain a cost base of $5 per share. This is below the Entitlement issue price of $6.50. Assumptions:
- Average buy price for entitlement offer $5.00;
- Entitlement offer full subscribed for at $6.50;
- Market value of options issued $3 per option; and
- Do NOT participate in placement.
Anybody that acquired with an average cost base of $2.00 per share will see their cost base increase slightly to $2.40 per share. This is below the Entitlement issue price of $6.50. Assumptions as above, except for the initial cost base reducing from $5 to $2.
All calculations above assume the options are sold for $3 per share. The results are different if the options are exercised at $13.
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Last
49.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $164.0M |
Open | High | Low | Value | Volume |
48.5¢ | 49.5¢ | 48.0¢ | $108.5K | 220.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 6479 | 49.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
50.0¢ | 30917 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 6479 | 0.490 |
1 | 47076 | 0.480 |
1 | 25000 | 0.475 |
4 | 85382 | 0.470 |
5 | 143505 | 0.465 |
Price($) | Vol. | No. |
---|---|---|
0.500 | 30917 | 4 |
0.505 | 10000 | 1 |
0.510 | 1000 | 2 |
0.515 | 10204 | 1 |
0.520 | 15533 | 3 |
Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
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