Those Aust. Super convertible notes were originally intended to beconverted into Syrah shares at a price of around A$1.00.
So if this is lowered down to 66 cents, it means more shares and more dilution for shareholders.
Share price could well and truly get smashed down on Friday - maybe even less than the issue price of the raise.
I reckon we are heading to below 60 cents on Friday within an hour of opening; then it should recover somewhat by 1.00pm (hopefully).
So, Austr.Super now owns 31% of the capital. Hmmmm. A big blocking stake in the event of a takoever.
Maybe that is what is planned in the next 6 to 12 months - hope so. Their entry price has been well and truly lowered and if this sells for $1.80 to $2.00 a share, I'm sure they will be happy to get out of the stock.
And Mr Verner. Well, in December 2020 when he raised all that money from shareholders at 90cents to $1.00, he was given another chance. Oh, and he made damn sure he asked shareholders to approver 4 million options at low exercise price of 44 cents a share (some of which he has sold for $2.00).
CEOS and MDs in this country enriching themselves unjustly IMO.
Someone, should ask him this white elephant question at the next quarterly report for period ending 31/3/2024 and at the AGM.
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21.0¢ |
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0.010(5.00%) |
Mkt cap ! $217.3M |
Open | High | Low | Value | Volume |
20.5¢ | 21.0¢ | 20.0¢ | $278.6K | 1.346M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
9 | 172414 | 20.5¢ |
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Price($) | Vol. | No. |
---|---|---|
21.0¢ | 33436 | 2 |
View Market Depth
No. | Vol. | Price($) |
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5 | 149575 | 0.205 |
21 | 574619 | 0.200 |
15 | 830084 | 0.195 |
18 | 1139052 | 0.190 |
3 | 355000 | 0.185 |
Price($) | Vol. | No. |
---|---|---|
0.210 | 33436 | 2 |
0.215 | 66000 | 2 |
0.220 | 264991 | 3 |
0.225 | 280456 | 7 |
0.230 | 75000 | 3 |
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