what about us?

With the dust having almost settled on the capital raising, I have to admit that I feel like we faithful retail investors have really been left out in the cold despite a pledge by the Company to “unlock the value of the Company for ALL shareholders” just a couple of weeks ago.

I agree with CJ and cannot understand why we would not have used the Socius facility given that insto’s were playing hard ball and pushing for the raising to be at a 50% discount to an already beaten down share price. When Torey said “significant” I had no idea how much he really meant it! There is little wonder the share price is where it is now. In fact I’m surprised it has been supported at the level it is given the discount, dilution from the raising and possible future rights issue, no material market sensitive announcement other than the raising (which I assume now was what they were referring to).

Up until now I have been confident in Torey’s ability to keep Copahue progressing and happy with the way he has been running things and I have been topping up my holding accordingly but since the trading halt I must admit I am now a bit jaded and questioning what other surprises might be on their way. In my opinion Torey and the team at Six Degrees needs to get better at drafting more effective announcements that sell the positive messages and don’t leave ambiguity and doubt. There have been quite a few recent announcements with great news but the message wasn’t delivered as well as it could have been and the market didn’t really react.

For example, at this stage we have been told about a potential rights issue but we don’t know if or when it will happen. Normally this would be formally announced as part of the placement and conducted immediately after. By being vague about if and when, Torey is preventing investors from getting over the massive hit they have just taken and dipping their toes in again. There is no doubt people are hesitating. Just read the last few comments on this forum - even Kingkev is sitting on the sideline! Anyone who has bought since the trading halt raise your hands...?

Boppy just made a comment suggesting the directors may participate in the upcoming rights issue. If this does go ahead (and I hope it does to give us all a chance to pick up some more at a discount) I would like to see the announcement make specific mention of the fact that the directors all took up their allotments. If the directors are still willing to put skin in the game then so am I.