The select few who have access to this raise will enter at 2.2c. Could they have entered the open market to acquire shares… yes. Why didn’t they? Because avg. daily volume of 880k would’ve taken them 6 months of purchasing every single share on issue to add 200mil units. So why the cap raise? Why not self-fund (what we can clearly see was feasible)?
Because the board are bending you over and showing you that they have control, they make the moves, you decide if you want to be part of their plan. It’ll be them and their mates who get exceptionally wealthy, you might just make a few bucks but whatever it is, 18% of the extra wealth added now goes to those partaking in the raise, directly out of YOUR pockets.
Nan, I hope you read this. Shame on you. Shame on the board, shame on management. This is wrong and I hope you understand that your personal greed and greed on behalf of the institutions/sophisticated investors cashing in on this raise do it at the expense of your holders.
Not to say that future share prices won’t rise, I envision ECS being worth in excess of over $300mil market cap, which brings with it wealth for those who follow on the journey. But to disregard your committed holders, allow an exceptional further dilution to give the opportunity to a select few to gain immense wealth (far greater than the retail investor can possibly extend to) is irreparable.
I’m passionate and opinionated, and unless you can very clearly show US, current and long term holders, WHY this capital raise was absolutely necessary and there was no possible alternative, then I will continue to hold with contempt.
ECS Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
