It's really ironic the way shareholders assess these things. I spoke to a couple of PYM holders who said they weren't going to buy at $0.20 because they could get them for the same price or cheaper on market and it was easier. The irony of course is that their existing holding as well as their new shares would be worth more if they'd bought them through the SPP. With everyone (85% of holders minus anyone who wouldn't want to buy more anyway) seeing it that way this is what we get. I think shareholders often don't realise that they really do own a proportion of the company, and that helping the company helps them.
Having said that, I'm one of those who didn't take part (though if I was going to top up I'd much rather have bought through the SPP than on market).
Let's hope they do manage to raise some more funds and get the company into a position where it's able to actually do something.
Add to My Watchlist
What is My Watchlist?