I actually don't mind it. One of the main reasons a stock trails back to the offer price is because current holders try to sell at a higher price to buy back what they sold at the CR price. Puts undue pressure on a stock price at that time.
This way the coy seems to be saying 'we want you to increase your holding because at this price we think you're getting a bargain'. And maybe they have some confidence in the insto placement being sticky? Can only hope!
I agree that the insto placement flies in the face of such a clause by giving nonholders a chance to get set at the discounted price of $4. But I guess that's the price you pay for a quick $40M raise - which took less than 2 days to complete. The SPP opens in 7 days and is open for another 14 days. Always a lengthy process.
Either way, mkt seems to be fairly positive about it at this early stage.
FND Price at posting:
$4.96 Sentiment: Buy Disclosure: Held
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