market today ex rights

Impressive volume today of FPO shares traded (ex rights).

Par value based on Fridays close should have been around 6.6 cents (which in fact was the closing price). So the market has valued it appropriately. Those who bought under that value have done well I believe.

Value of rights should be about 1.6 cents or just a wee bit higher, allowing for leverage benefits if fully paid share price moves higher than 6.6 cents after the Scoping Study is released in the next day or so. Some early low bids for rights were in hope of attracting those who may not be well informed. Good to see no sellers as yet although it may take a day or two for all brokers to allocate rights to portfolios.