A small capital raising of $7m to a US insitution and a $3m offer to retail investors @ 14c with max buy of $15000. If the SPP is oversubscribed then interest will be scaled back. Avexa apparently has strong institutional demand but are limiting this because it is simply a working capital raising and they are conscious of diluting shareholdings too much. It is not related to any of the deals. The feeling is that a stronger balance sheet places them in a stronger position. It also gets a new investor on the books and often these places don’t buy on market unless they already have a position in the stock. Being sold as a positive step in other words.
AVX Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
