Soph's = income > $250k p.a. and net assets outside the family home > $2m.
Dilution of around 19% is about right, assuming they raise full $20m. Not sure if underwritten.
Raising at 17c is a whole lot better than raising at the price a month or so ago but less than may be the case if CB came off.
Guess mgt took the opportunity to de-risk before CB results just in case it didn't pan out.
Not sure what that suggests re confidence in Marsden 1...?
As a long-term holder I am not happy about the dilution, but happier if they can do something with it.
There we have it, the joys of investing in spec stocks !!
why announce a capital raising now..?, page-40
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