Another, and maybe more obvious, theory is that it could just be a good ole Somers dump.
They paid 8c each for their 40.5 million shares but the underwriting fee was $250k. And assuming Somers can flog their 20 million TONOCs for 0.8c each then their effective cost per share was 7c. That explains, maybe, why the price did not fall below 7.1c today.
Somers is known for having an appetite for taking on higher risk underwriting so maybe this recent rights issue is one where the risk has come home to roost.
Another, and maybe more obvious, theory is that it could just be...
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Last
1.1¢ |
Change
0.000(0.00%) |
Mkt cap ! $17.25M | |||
| Open | High | Low | Value | Volume |
| 1.1¢ | 1.1¢ | 1.1¢ | $4.171K | 379.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 855920 | 1.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.1¢ | 1663091 | 4 |
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| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| TON (ASX) Chart |