VUL megathread, page-6066

@hooteroo Good chat. You just didn’t compare the size of the relative dilutions - they differ slightly.

Roughly:

The 131m new shares to be issued by (best SP performer) Leo, for example, will represent around ~10% of their shares on issue post-placement. By contrast, (worst SP performer) Vulcan’s 21.4m new shares issued represent around ~13% of SOI post-placement. Existing Vulcan shareholders have therefore been diluted more than existing Leo holders in these placements.

Had Leo diluted at the same rate as Vulcan then they would’ve issued more like 173m shares to Ganfeng in the placement yesterday.

(I think Sayona is going to be around ~11% after 1.1bn new shares are issued).

This of course certainly doesn’t explain the extent of the disparity between the share price responses, but it is undoubtedly a factor.