Regarding the capital raising (actually this is for everyone). From announcement on 1st March.
"The placement of 120 million new fully paid ordinary shares at A$0.04 per share will be conducted in two tranches. The first tranche of 60.8m new shares will be placed under the 15 per cent placement capacity of the Company in accordance with ASX Listing Rule 7.1. Tranche 2 will be for a maximum of 59.2m new shares and will be subject to shareholder approval at a meeting expected in early April 2012."
So, both tranches are issued at 4c. It states it pretty clearly. The meeting is on the 20th - next Friday. So, unless they can get out of it (BellPotter that is), who is going to take up the shares at 4c? The answer is no one at the moment. I have asked management whether Bells can get out of it or if they're underwriters but my email has been getting ignored. If it is going to go through 100%, then what do we think has to happen to the price?
or am I missing something??
NMR Price at posting:
3.7¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)