great annoucement - wayne is working hard, page-11

Yes its actually quite staggering isn't it. Who saw this coming ..... anyone ? Me either.


Nov 13: CDU=$4.50 (open)

"The Directors are pleased to announce that CuDeco Limited (“CuDeco”) is undertaking a placement of up to 6,976,674 ordinary shares (“New Shares”) at $4.30 to raise up to $30 Million before expenses of the issue."


Nov 15: CDU=$3.90 (open)

"The Directors advise shareholders that the $30 Million capital raising announced on 13 November has been withdrawn by CuDeco Ltd."


Nov 27: CDU=$4.22 (open)

"CuDeco Ltd is pleased to announce that we have entered into an agreement with Sinosteel Equipment and Engineering Co. Ltd for accepting a placement of 7.6m ordinary fully paid shares @ $4.50 per share for $34.2m."


CDU=$4.60 (close).


So if I understand this correctly, it goes something like this: "we wanted to get some NA or EU instos in the register so we offered them a great deal at $4.30 per share (being a discount to market) but they dicked us around so we pulled the plug and offered it to one of our chinese investors / partners who not only were willing to pay the higher price of $4.50 (being a premium) but also were willing to take all the shares on offer plus a more."

There is a lesson in this somewhere but not one any other board is likely to ever attempt to practice. Simply staggering.