Alright, alright you make some good points there.. I had read in the annoucement that the raise had been done to eligible current holders/institutions, and I just read over something about section 708 of the corporation's act.. Probably what this means is that mgmt can't issue shares to themselves..
Of course there is another
way to look at this, I understand that..
Mgmt needed funds quickly and wanted to raise within the 15% in order to not have to go through with all the documentation etc.
They then felt by defering their own payment and paying themselves in shares they would alleviate the mkts perception that they were wildly diluting the scrip (because they would in effect be diluting their own payment)...
From memory the share price of PEK went back to 1.8 or 1.9 cents and I bought at 2.0 cents... And obviously I didn't get an option. It's not a Greek tragedy, but I just got reamed on the PEKOCs and was feeling tender at the time.
In short these events
most likely not conducted in order to screw money out of the likes of me and not of a sinister nature..
Still I'd like to see a working way around this in the future... Obviously tricky when you want to use that 15% capacity.. there will be a way though..
I think Rocky might be from Colorado. It's the kind of accent you couldn't imagine harming a single soul.. And yep, I should be nice... He's a pro..
PEK Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
(20min delay)