Guys,
I share your unease (to put it mildly).
On one hand, I am comfortable (sort of) that the SPP shortfall was covered in the way it was. It is easier (and less costly) to approach a handful investors than all.
But, I do think that (in hindsight) the terms of the SPP should have been along the lines of ... any shortfall will be covered by issuing shares to interested parties at (say) 10% discount to VWAP over the last 20 trading days. The 14cent price is a bit unfair.
On the glass half full side of things ... well ... atleast now there should be very little downward force (except for the regular monthly tranche to Springtree). Plus, Springtree gets the tranches as discount to VWAP. So, apart from some fluctuations around the payment dates, it might actually be good for us all now.
Cheers,
Jai.
Ann: Prima Biomed Completes SPP Short-Fall , page-22
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