Jimmy6. The amount the fund manager was prepared to pay was not the reason they were knocked back by psy management.They were knocked back because of the terms of the attached options.
"The Board have spent literally days working through the details of transaction and the ramifications of each part of the funding proposal. In particular, it became apparent to the Company that certain parts of the agreement, namely the pricing of attaching options, in their current format would, based on the Board’s current understanding, not be beneficial to the Company and its shareholders."
My thoughts on this are that the fund manager probably wanted options at .003 cents which was the price paid under the recent rights issue.Management have previously said that they would not issue any more options at that price because of the share price appreciation since the mems presentation.. Good decision in my view. I can see no reason why the share price should not continue to drift until a further update is issued by psy.
PSY Price at posting:
7.4¢ Sentiment: Hold Disclosure: Held
