@Roller62 ..."
It would have been better for the SHs to buy on market."
Actually totally wrong but a common misconception, let me explain...
If the shareholders do not take up the cap raise then the company does not get in the funds required to undertake all the tasks mentioned in the cap raising. So individually you might be better off in the short term by buying cheaply, but if everyone did it you will eventually be worse off.
Of course the trick is to know when something will fall below the cap raise and usually really good cap raises/projects don't go back that far, but you pay for the risk one way or the other.
I was not prepared to forgo the cap raise and hope for a lower price, so I applied for the full amount and bought a few extra when it did go cheaper. The SPP raised $~3M more than planned, so that is $3M more to spend on the drilling program, pit dewatering, mine plan etc, plus a bit of extra cash in case of the left field breakdown.
Altogether a much better position to be in, all because the holders supported the cap raise.
Shortermism is rampant everywhere, hey look we all could have got in cheaper by not participating in the cap raise, shame about the company then failing for lack of funds. Please think about it before you post. Small shareholders being fickle over a few cents is why companies go to Sophs and Instos, while the small shareholders complain every time about missing out if the SP doesn't go back to the cap raise price.
