Been offline for a few days and have to say AVX have done themselves and existing shareholders no favours with the timing of this placement and the price.
They should have simply come out with the fantastic announcement around phase 2 trials and let the shares get caught up in all the exuberance. I have no doubts it would be $1.20 plus on that news alone. The rights issue at 53c has just totally muddied the waters and smothered people's positive reaction to the news. Everyone has spent the majority of the last week talking about and trying to work out, should I have sold the shares before the rights, or do I sell now, or buy more rights, buy rights sell shaes etc.
The whole one in a million, is this the one dream we all have when we buy biotech stocks has IMO just been crushed and the whole momentum that should have come from phase 2 trial results evaporated.
AVX Price at posting:
0.0¢ Sentiment: None Disclosure: Held
