If Wrkr was going to close the SPP early, it would have happened by Friday. Obviously, we are going the full advised time.
In the last webinar; Trent points out (15:10) there was more interest than share capital available from institutional investors. I think the same has occurred with the SPP and retail investors.
Trent has proven time and again that he is shareholder friendly. So, I am sure he would like to do more for us retail shareholders but on this occasion, he is on a "sticky wicket". He scaled back the institutional investors and to be equitable, I can only see him having to do the same with the retail investors.
What will that look like, no idea....but like @patawalonga I think the board may chose to increase the amount of the raise to ensure as much participation as possible from supportive retail investors.
From the SPP Offer Booklet Discretion to scale back or increase the size of the offer Wrkr may in its absolute discretion increase the size of the SPP offer or undertake a scale back to the extent and in the manner it sees fit. If the total value of Applications received under the SPP is greater than $0.50 million, WRK may increase the size of the SPP offer or scale back the number of New Shares that will be allotted under the SPP. If a scale back is undertaken, Applications received in excess of $0.50 million will be scaled back on an equitable basis with all applicants scaled back pro-rata to their existing Wrkr shareholding. The indicative cap has been determined by Wrkr in consultation with its advisors having regard to the conversion of the Convertible Notes and the composition of Wrkr’s share register. Any scale back or increase to the size of the SPP offer will be announced on Thursday, 12 September 2024.
I would like to get my full SPP allocation that I requested, but I doubt that is going to happen.
Like me, if you want more shares after your SPP allocation, you will need to buy on market into the foreseeable future.
Good luck everyone.
Ian
WRK Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
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