Thanks for the posts - I have learned from them. I was lumping 'sophisticated investors' in the insto category as they can also participate in placements - if you add up insto and large holders they do own the bulk of the company's shares.
The purpose of my post in this thread was to say that small holders did ok from the SPP, and I don't back away from that. If they had a rights issue to raise 65 million (on a market cap of around 750 million) then it would have been around 1 for 10 or 11 shares - instead it was around 1for 2.
Also, when the placement was announced the price was only a discount of around 5% of the weighted average share price of WSA - not that brilliant a deal at the time. It looked better as time went buy as the WSA share price rallied.
WSA Price at posting:
$4.31 Sentiment: LT Buy Disclosure: Held
