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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34.5¢ |
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-0.020(5.48%) |
Mkt cap ! $357.0M |
Open | High | Low | Value | Volume |
36.0¢ | 36.8¢ | 34.5¢ | $2.576M | 7.326M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
13 | 393935 | 34.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
35.0¢ | 100404 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
13 | 393935 | 0.345 |
15 | 521858 | 0.340 |
8 | 774294 | 0.335 |
11 | 923833 | 0.330 |
4 | 515110 | 0.325 |
Price($) | Vol. | No. |
---|---|---|
0.350 | 100404 | 3 |
0.355 | 162428 | 4 |
0.360 | 279776 | 6 |
0.365 | 159200 | 3 |
0.370 | 125200 | 6 |
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