With the results now out for the rights issue one must start to...

With the results now out for the rights issue one must start to ask some serious questions of the management and Board of Photon

With only 14.6M of the 25.2M shares being taken up and 10.2M of those thaken up by Grundy, Hughes and Bailey. That means only 4.4M were other investors. The balance two underwriters.

Gee those underwriters must be feeling good. And at what cost to the Shareholders the underwriters fee must be between 6% and 10% another massive whack on profitability for Photon.

So i would love to see the see the register. My guess is this raising was done at such a discount of current value (25%) only to allow the business owners of recently acquired companies by photon in stock transactions well above $4, to average down the cost of their holdings. A feel good excercise sold to innocent bystanders as a debt reduction excercise.

In the process the directors have completely squashed any shareholder value. There is a lot for this Board to answer for.

As per the Financial review today, of the three big media companies STW, Photon and Mitchells, the talented Board of Photon have wiped off the most value - 54%. Congrats guys.

This Board should be made accoutable for destroying shareholder value, but as long as they appear in the BRW RICH 100 they dont seem to care.

These are my opinions - do your own reseach.