I find the institutional placement method quite interesting, it is a book build which allows them to bid way in excess of their entitlement, and is open to:
1) current institutions on PYC register 2) new institutions via the $5m placement; then if any still available: 3) other institutions
With Tribe taking up full allocation at $15m; $20m seems in the bag and It looks like a mechanism for the big shareholders and instos to lay in the wait for available retail shares not taken up by small shareholders due to lack of access to funding.
At the end of the day we’ll have more interested fund managers in the mix, and a good way to distribute the PYC story, especially as they come to realise Rohan and team don’t mess around, and will achieve project milestones on time.
PYC Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
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