Exactly so any insto would have had no trouble picking up shares from those instos selling down so again why the need to dilute existing shareholders? If they "wanted" another $20-30-40m for the split then why not offer that to existing shareholders as first preference then what ever is not taken up then open it up to other instos?
IMO its the existing shareholders who get diluted here out of this because they lost the value difference between $1.48 & $1.70 (22c) which was "gifted" and then the affect of this hit existing shareholders again who would then be diluted - imagine if MLX had not opened this up to instos on the cheap but rather forced them to go through existing instos or shareholders selling down... Given the strong apparent interest from intos why did they need to give away value?
MLX Price at posting:
$1.71 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)