TOE 9.43% 29.0¢ toro energy limited

re spp participation, page-4

  1. 239 Posts.
    lightbulb Created with Sketch. 3
    What I find surprising is that the SPP offer was for up to 30% of the existing issued ordinary share capital, to be made available - that meant 292.6m shares (@$0.08 = $23.4m capital raised given a 100% take up) were on offer.

    The SPP achieved 66.5m shares and $5.3m capital, i.e. a 22.6% acceptance by existing holders. Hardly a rousing endorsement.

    The company is spending cash at a rate of $8-$9m per quarter.
    Following this SPP they have around 2 quarters worth of funding remaining in the bank - I think they would have liked 4 quarters, which a 100% take-up of this SPP would have provided.

    Where does that leave them? And us, as their holders?
    Another funding request in July perhaps?

    Until this issue is resolved, regardless of resource upgrades, I can't see the share price moving very far from these levels.

    A decision from the WA Government and the Federal Environment Authority approving mining at Wiluna [due around "mid 2012"] may make Toro an attractive bed-fellow or target for some uranium-dependant organisations, but that, too, is 3-4 months down the line.

    Not an overly optimistic picture for those who may be looking for quick gains, unless I'm missing something....??

    Longer term, however, the prospects for uranium seem positive with consumption set to increase and supply to fall between 2013-2017, [source: Australia Government - Bureau of Resources and Energy Economics (March 2012)]. So time for a little patience it would seem.

    Bottom drawer.
 
watchlist Created with Sketch. Add TOE (ASX) to my watchlist
(20min delay)
Last
29.0¢
Change
0.025(9.43%)
Mkt cap ! $34.88M
Open High Low Value Volume
27.0¢ 29.0¢ 26.8¢ $23.44K 82.84K

Buyers (Bids)

No. Vol. Price($)
1 6762 27.5¢
 

Sellers (Offers)

Price($) Vol. No.
29.0¢ 100047 1
View Market Depth
Last trade - 16.10pm 16/08/2024 (20 minute delay) ?
TOE (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.