Yes a very good result. Smart of HDR to announce the placement after the drill program is finalised and the excitement has begun. It held up well and is unlikely to retrace significantly - there are too many eager buyers.
I was peed off last year when they did a placement after a successful but somewhat disappointing Banda discovery and we watched the price slide. I'm happy enough with this even though we shareholders missed out again. What would have been the result if they tried to raise funds after any disappointment at the Chinguetti flow appraisal - disaster. Now they are set and won't need to dilute their equity in the PSC's (other than prehaps Block 1 if it is drilled).
H
Am I right to think that HDR issued around the maximum number of shares it could without diluting WPL below 10%? They held 11.38% - so they now have just over 10%.
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
