Ann: Proposed issue of securities - CLZ, page-4

Shameless!!! It’s like watching a never ending car crash. You know you shouldn’t look because people are getting hurt but you can’t take your eyes off it. With the issue of these shares it’s basically devaluing by 200% in 2 weeks (200mill to 600mill roughly) after just devaluing by 150:1. Generally the underwriter doesn’t hold for long so I can see another 100mill (+ 50 mill options if they are traded) being dumped on market very shortly after the shares become live.
What a fiasco and management are actually proud of themselves. The difference is the so called “sophisticated investors” actually made money from this by their immaculate timing of the conversion of CN. I’m still marvelling at the perfect timing.