To be quantified as a 'Sophisticated investor' or 'Wholesale investor' one simply needs to have earned over $250k gross for two consecutive financial years, and or have net assets exceeding $2.5m. A letter from your accountant confirming this to be the case is all that's needed by any company.
This is a very good result for PTX, 2 years ago the company raised $13m. The initial SPP was for $6m and then wholesale investor kicked in a further $7m!
If you look at the top 20 shareholders, no single person carries any particular weight or clout. It's a very spread register. So the participation by SI's has not changed the balance of power one inch except to massively boost the operating cash flow and allow PTX to pursue it's objectives.
My understanding is that everyone will get their full entitlements up to $30k, that the oversubscribed amount of $776k will be released in new SOI...Makes sense considering Steven is allowing an extended placement.
Fantastic result, oversubscribed! We have $8.76m raised (minus SPP fees) and we now have an extended placement. Last time the placement raised $7m so be interesting to see what this one is targeting. * will absolutely have an idea from speaking with the 708 investors, what the appetite is for the extended placement and the rough $ on the table.
Well done everyone, nice way to head into the weekend.
