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The institutional placement went to existing shareholders, not...

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DDMHC

289 Posts.

33

14/09/21

13:26

Post #: 56050687
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Originally posted by mollybendium: ↑

Yes, directors/employees allocation was limited to 15% of current holdings and $2.25m. Also, current shareholders, including directors/employees under the SPP were limited to 65% of current holdings and the issue amount was extended from $2.75m to $5.07m.

But this is within the SPP and directors/employees components of the overall equity raising. My issue is with the new institutional issue of $23.2m of shares at the discounted rate. These shares could have been offered to existing shareholders. Offering more than 4 times the number of shares to new institutional buyers and then scaling back shareholders to 0.65x is poor form in my book. With an 11% discount, not sure why they didn't just do an underwritten SPP to raise their target amount.

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The institutional placement went to existing shareholders, not new investors.

APZ Price at posting: $1.48 Sentiment: None Disclosure: Held
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Last $2.27		Change 0.030(1.34%)		Mkt cap ! $454.4M

Open	High	Low	Value	Volume
$2.27	$2.30	$2.26	$97.50K	42.96K

Buyers (Bids)

No.	Vol.	Price($)
1	1356	$2.26

Sellers (Offers)

Price($)	Vol.	No.
$2.36	4237	1

View Market Depth

No.	Vol.	Price($)
1	1356	2.260
2	1773	2.240
1	2741	2.210
2	16153	2.200
1	6000	2.160

Price($)	Vol.	No.
2.360	4237	1
2.370	2584	2
2.390	40558	1
2.400	120892	2
2.480	5000	1

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