"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"
I think there is a flaw in your assumption "...and the rest can be placed with their client base at the 5 day VWAP price with no discount."
When just about all investors need to be incentivised to give their capital to companies - by some discount to the price that they could otherwise buy stock on the open market - what is special about Kentgrove's particular client base that they would be happy to do so without any incentive?
Why would anyone suddenly be keen to put their hand up for stock in a zero discount placement when they could otherwise have bought that stock at exactly the same price at any time they wanted to?
MSB Price at posting:
$2.11 Sentiment: None Disclosure: Not Held
(20min delay)