"the largest shareholder tried to get through the 20% rule in a cheeky underwritten rights issue"
See to me that still remains uncertain I don't actually think he really wanted to get through the 20% mark. More a case of protecting the value of what he already had in there ?
I don't think he viewed the Convertible Note playing out as it did and effectively the holding went from 5% to 19.9% for the $1.5M investment issuing the stock at all time low price & the company heading into the space that further capital was needed.
Out on a limb but I also thought when the Convertible Note was first issued it was possibly because they where struggling to find finance & RBS where likely done after several private placements where future developments didn't play out and price sinking hence struggling to find clients to put more cash forward.
I think the RI was played pretty well though - brought in at the same time as the note conversion. Puts a base well above the price the $0.0114 stock was issued and brings a flux of investors to support that price with new entries @ $0.015
So the actual RI only really lifted that stake 2.6% from 19.9% to 22.5% & only as a result of the shortfall - I think it would of been preference that it had been taken up without needing to breach the 19.9%
Anyway who knows just me rambling - we'll only see in time.
PYC Price at posting:
2.3¢ Sentiment: None Disclosure: Held
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