Morningstar $2.10 valuation, page-36

Thank you for that reference point aatisket, and it is indeed interesting.

What I take from it is that the on market selling is a possibility, but I still do not believe it is a viable option on its own. The only thing on-market selling has going for it in this circumstance is that it would be non-dilutive, however it would not logically make sense to me from a practical perspective, nor a commercial one.

Firstly because it would take far too long to raise any meaningful amount from on market sales at current retail volumes. (practicality)

Secondly Kentgrove are charging 4.5% which is an excessive amount if they are simply selling on market. (commercial)

Finally Kentgrove have access to a client base and fund portfolios (which may have capacity) that seeks investments specifically like MSB (small/micro-cap with mid-long term investment returns). (commercial)

We know that placements can be done in three ways ... firstly at a premium, at market or at a discount.

Based on what we know, Kentgrove being able to place MSB shares at a premium would be unlikely. Silviu has suggested it won't be at a discount. So I can only assume any placement to Kentgrove's client base will be at market (e.g. 5 day VWAP).

Following my logic then, there may be more than one correct answer, as a combination of the two methods mentioned may be utilised to achieve non-dilutive equity e.g. if Silviu instructs the shares to be sold at a 5 day VWAP, then Kentgrove can sell what they can on market for 5 days - and the rest can be placed with their client base at the 5 day VWAP price with no discount. They walk away with a 4.5% fee.

Happy for you to pick holes in my logic