Cellmid’s CEO, Maria Halasz, said “We would like to thank our shareholders for thestrong support they have shown us during this rights issue, demonstrating theircontinued commitment to the Company and enthusiasm for our future as we embarkon this transformational path to achieve strong growth and eventual profitability.”Well, here's the numbers to back that up...
Total Shares on Issue =
127,212,303Total (original) Shares Available for Rights =
50,884,921Total Rights exercised =
17,243,341 (or ~34% total take up rate)Director's portion of Shares on Issue =
16,764,590(or ~13% of Total Shareholding)Rights taken up by Directors =
6,705,836 (or ~39% of Total Rights Exercised)Rights taken up by
the balance of approx 2,600 Shareholders =
10,537,505 or ~20% of Total Shares AvailableTop 20 Shareholders (less Directors) Rights entitlement =
~ 12,678,302(how many exercised their rights???)One statistic I would like to know (but I know will never be answered) is "How many that took up their rights did so in the solemn belief the company is going to be a roaring success versus those who did so solely not wanting their existing shareholding to be diluted"?
Based on the above, I do not think shareholders showed "strong support" at all and neither does it appear they showed "commitment" and "enthusiasm". Maria seems to be taking pages out of Ardern's playbook when it comes to using platitudes and telling porkies.
We will see over the coming days whether the new "investors" (for want of a better word) stay on and strengthen the balance sheet or whether they also flee with their profits like we see in the last CR's. ....
