As much as I don't like it, I can see the logic.
$1.18 prices SGI at C$0.39, $1 = ~C$0.33. Offering an SPP ran the very real risk that CYL would trade at $1 or less, virtually no premium to current SGI prices, which would probably kill a vote dead. As I've reasoned before, these new shares have gone to holders who have no intention of selling them in the short term.
SGI at C$0.27 is A$0.83 per CYL share (mine cost me A$0.95 but I'm content with that).
As an aside gold is around A$2844 overnight. Not too shabby
As much as I don't like it, I can see the logic.$1.18 prices SGI...
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Last
$2.83 |
Change
-0.260(8.41%) |
Mkt cap ! $639.5M | |||
| Open | High | Low | Value | Volume |
| $2.93 | $2.93 | $2.80 | $5.108M | 1.792M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 576 | $2.82 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.86 | 7988 | 1 |
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| Last trade - 16.10pm 12/11/2024 (20 minute delay) ? |
| CYL (ASX) Chart |