I emailed about the rights issue taking an age leaving the SP open to being sold down.
The excuse was Christmas break for the lawyers and that the prospectus has to be approved by both ASIC and the ASX.
I'd say given they knew as soon as the sidetrack was announced they should have kicked that paperwork off so that the lag time between placement and rights issue was minimised.
I reckon its another complete miscalculation of the market.
Interestingly I forwarded Butch's post to SM with no reply.
Seems he will only engage via the phone.
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