placement

Who is the professional investor who warrants over 600,000 shares at a discount of over 10% to the market? Why did they have to issue these shares when they are talking about a share buyback scheme? It makes no sense to me unless they urgently needed cash. If this is the case, then talk of buybacks is just all hot air. The problem now is, like the SPP, the market will perceive this as the value the Company puts on their shares and the price will react accordingly. To date, the management of KBL have appeared to be professional and focused. This leaves a very bad taste in my mouth and shareholders should be given an explanation for this action.