To be honest, TSO is not the only goldie to fall flat on an SPP after making placements at the same price in recent months. I guess it gives retail investors the opportunity to stick a finger at the parties who so often cut the retail crowd out of the action and especially at the brokers who make the arrangements. Too bad that the SPP was not underwritten. I would love to have had the underwriters take the fall. You can be sure that Zeff will not get the SPP issue price on any "make good" placement at present. Still, you have to ask yourself why the SPP was not underwritten? Hardly a sign of confidence by the brokers was it? What surprises me is that Zeff has relied on the SPP so much. Normally it is just a gratuitous top-up on the main placement.
TSO Price at posting:
7.5¢ Sentiment: None Disclosure: Not Held
