Why did WRL sell out its current small shareholders with the raising of $1M with the issue of 5million shares at 22c to favoured investors of Montagu Stokebrokers.
Last quarterly detailed it had $3.29M cash at hand so there didn't appear to be any urgency for additional cash.
As stated in this forum previously with holdings of 10 million NTU share and future 4 million share in Reedy Lagoon, the value of WRL's 35 million issued shares appeared to be worth over 40 cents each.
Rather than making a favoured placement at a discount WRL should have had the beleif to seek a premiun from "institutional clients" or offer a dicounted share placement to current shareholder.
Considering the value of WRL's assets, the selling down of WRL shares and the number of times the sp was pushed back down to the low 20's (especially when NTU was trading above $1.70) doesn't bode well for small shareholders. Next Top20 shareholders list may make interesting reading?
Why did WRL sell out its current small shareholders with the...
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