first tranche of placement will probably use all their capacity under the 15% rule, the second larger tranche of the placement will require shareholder approval.
What they have probably done is sound out their major shareholders and said, look we are in real strife here, we have to do this cap raising or we are stuffed. So if we give you a significant opportunity to pariticpate at 8c, will you approve it at a meeting. They get enough committments from the shareholder group and management and they can get any $ figure placement approved they want.
doesnt change the fact that its a joke. NMS have treated their shareholders with contempt. Lange's name must now be mud in corporate circles. But I'm sure he has saved plenty of shareholder funds for a rainy day.
NMS Price at posting:
8.4¢ Sentiment: None Disclosure: Not Held
