KCN have placed 9.9 million shares at $7.10, raising approximately $70 million.
So the share price has been slammed down from $7.75 to close at $7.13.
Before the placement KCN had around 141 million shares listed with a market cap at $7.75 of $1.092 billion.
After the placement KCN has around 151 million shares listed and a market cap at $7.13 of $1.076 billion.
So let me get this straight. During KCN's trading halt the gold price has risen over US$50.00 and more in Australian dollars. Plus KCN has $70 million additional in cash after the placement.
Yet after this share placement the KCN market cap is below what it was prior to the placement!!!
Who says the market is rational?
who says the market is rational???
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Last
$1.58 |
Change
0.000(0.00%) |
Mkt cap ! $407.2M | |||
| Open | High | Low | Value | Volume |
| $1.60 | $1.61 | $1.57 | $331.6K | 208.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 871 | $1.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.59 | 2744 | 1 |
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| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| KCN (ASX) Chart |