The issue with impatient capital is it very expensive. What is a reasonable investment with patient capital is suddenly a completely unfeasible investment with impatient capital.
The other issue without patient capital, the cash that needs to be raised to fund development of the programs causes excessively dilutive of existing shareholders. Nobody want to be a long term shareholder in a company where the company issues shares like confetti. Patient capital -> stable share price -> high valuation -> minimal dilution -> reward for patient capital. A nice virtuous circle.
RAC - Charts & Price Action, page-320
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Last
$1.22 |
Change
-0.010(0.81%) |
Mkt cap ! $202.7M | |||
| Open | High | Low | Value | Volume |
| $1.26 | $1.26 | $1.14 | $381.6K | 320.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 7000 | $1.17 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.22 | 2171 | 1 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
$1.17 |
Change
-0.010 ( 5.54 %) |
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| Open | High | Low | Volume | ||
| $1.23 | $1.23 | $1.14 | 48407 | ||
| Last updated 15.52pm 03/05/2024 ? | |||||
| RAC (ASX) Chart |