83.3m new shares at 48c (a discount of 8.6% to last price of 52.5c)
Previous number of shares 758m, so an additional 11%, bringing the total up to 841m shares (plus about 20m options).
Effect on existing shareholders = 11% x 8.6% = 0.9% reduction in value.
Not that material, but I really don't like it. There was no urgency, surely? Why didn't they do a rights issue?
Wouldn't be surprised to see IGR drop a cent or so today, but more is not justified (except to show shareholder displeasure). I'm holding... just.
impact of today's placement announcement
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