rights?, page-4

From the Prospectus- the Underwriting Agreement:

Underwriting can be pulled if:

"(b) the Shares finish trading on the ASX under the ASX code of “CNN” on any trading days with a closing price that is less than 0.7 of a cent"

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Another ASX-listed company that thinks they can just get free money with little (read no) effort *sigh*

Rights issue closed today, and we'll either need a benefactor who'd like to pay .007 when they can pay .006 (any attempt to bring the SP up to .007 has, I've noticed, been shot down in flames), or we'll need an extension. Worst outcome: a reduced share price for the raising. Worse worse outcome: the NAV raising- knocked down 3 times.

So disappointing. Why can't the company realise they need good news to accompany the raising?