Is it really a loss?
Investor takes 200k shares in placement at cost of $46,000 and receives equivalent of 200k free oppies at 40c.
Investor sells 200k shares on-market at 20c for $40,000.
Investor takes "loss" of $6k.
The 200k oppies at 40c cost him $6k.
$6k is equivalent to paying 0.03 for the 200k oppies, below the black-scholes value.
That's a good deal if you ask me.
IVZ Share Price, page-5116
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