The way I read the prospectus is the SPP is not underwritten. Therefore if it's under subscribed then it's under subscribed.
I don't believe anyone can come in off the back and say I'll take those left over shares at the Retail offer. In the T and C's you must have held shares before the SPP announcement. You must have your money received by no later than COB today, you can only apply for a maximum $30K per holding.
If there is a shortfall it will need to be covered by a new SPP once this one simmers down (9-12 months).
^Initally I believe the share price fell by retail holders selling stock to participate in the SPP. That ended about a week ago. I think what you are now seeing is a loss of confidence in the stock (specifically management) from Retail holders. It's falling 5% a day, and has yet to really respecting any support levels. People get scared they sell. There is not much buyers depth as most of Retails money has gone to the SPP.
A perfect storm created by this CR.
It will take the market a few months to absorb $65M of new share supply and for things to settle down. (Unless there is a left of field positive announcement).
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The way I read the prospectus is the SPP is not underwritten....
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Mkt cap ! $497.7M |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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21 | 2499811 | 0.066 |
40 | 1565080 | 0.065 |
11 | 889126 | 0.064 |
9 | 925889 | 0.063 |
Price($) | Vol. | No. |
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0.068 | 636842 | 27 |
0.069 | 1118783 | 18 |
0.070 | 2224987 | 15 |
0.071 | 2893121 | 19 |
0.072 | 4525662 | 9 |
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