That was a lot of options for a simple cap raise in a market where, by managements own admission, institutions were falling all over themselves to invest.
At a significant discount to the share price, no less.
On one side of the equation, I get that the capital will be pretty handy for the company going forward. Even if they said they didn't need a cap raise a few weeks earlier, I get it.
On the other side of the equation, how the company went about it seems naïve at best and at worst, something far, far worse. That they have a Director with 'expertise' in this stuff and, based on HC talk, a track record of questionable behaviour, is troubling.
In the light of day, the fact that the SP has been suppressed/manipulated for so long could paint a different complexion on Directors transacting at 20c a share. Looks like a pretty sweet deal given trading since the cap raise.
I am wondering now whether the options were for a simple cap raise. That does not really add up.
I suspect someone has been orchestrating the transfer of shares from retail to others, via prolonged suppression of the share price. Someone out there has made a killing in my estimation, when the SP eventually rises.
As weak as ASIC may be, there is enough fishiness about this cap raise for someone to look a little deeper.
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