Very interesting, a significant shareholder notice has been given for Bruce Neill, stating that Mr Neill will be fully diluted rather than participate in the capital raising.
A very brief back ground on Bruce Neill: He is one of the largest shareholders of IOOF having received shares through previous M&A which resulted in his funds management company being acquired many years ago.
He is a very astute businessman and is one of Tasmania's 'movers and shakers'.
The key for me, is that even though he hasn't been a director of IOOF, as a long term significant shareholder in his own personal right, he would have a good inside working knowledge of IOOF.
So my key question is why hasn't he subscribed at all to the capital raising, not even a partial subscription, zilch, zippo, none!!!
So if Mr Bruce is not subscribing he obviously feels the numbers don't stack.
If Mr Bruce is not participating, I think I won't either. He knows this company much better than myself.
IFL Price at posting:
$3.30 Sentiment: None Disclosure: Held
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