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Well said Steven......the placing has already happened :-)
Upomega the ex entitlement was 0800 on the 22nd. I personally could not do this as it takes two working days for my broker to settle, so the 17th would be my latest date to purchase to be eligble for the OO. It may differ for others brokers but there is often a delay. Speculators may have been able to do this but as well as forward selling the OO allocation at a profit would they not now be stuck with a loss currently on those they bought to get the OO as the Sp has fallen. My interpretation maybe wrong. I am certainly looking forward to seeing who has taken what in the placing it will make interesting reading.
Read the RNS dated June 19 : The answers are all there. The placing has been done, it was oversubscribed.
The OO was a sweetener for existing share holders to get some more shares at the discounted price based on the SP of 55p which was the price the day before the OO . Any money raised via the OO is a 'bonus' for the company . They are giving you a chance to buy at the same price as the II. did in the placing 40p
Here is the prospectus : The last page has all the deadlines etc. Tomorrow we will know the outcome of the OO, and if passed the new shares will be available on July 13.
http://www.omegadiagnostics.com/Portals/0/ODX%20Fundraising%20RNS%20%2819_06_20%29.pdf
that it has raised gross proceeds of £8 million via a heavily oversubscribed Placing and Subscription of 20,000,000 new ordinary shares of 4 pence each ("New Ordinary Shares") to both new and existing institutional investors and a number of wealth managers at an issue price of 40 pence per New Ordinary Share (the "Issue Price"
Furthermore, the Company proposes to raise up to an additional £3 million by the issue of up to 7,531,100 New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders at the Issue Price ("Open Offer", together with the Placing and Subscription the "Fundraising"). The Issue Price represents a discount of approximately 27 per cent to the closing mid-market price of 55 pence on 18 June 2020, being the latest practicable date prior to this announcement. This discount reflects the rapid rise in the Company's share price from 11 pence on 8 April 2020, immediately prior to announcement of Omega's participation in the UK Rapid Test Consortium.
The placing/open offer hasn't been voted on. Yet the price is now below the offer price. The other factor is that the day the open offer was announced you could still purchase shares to be eligible for it. Why wasn't it set at the day before. Or am I missing something. Surely this allowed speculators to wade in and forward sell shares . Maybe this is why the price is trading where it currently is. If speculators have forward sold what will happen if part of the offer isn't voted through. Buy backs to cover the shorts. I think people are now shorting. This used to occur a lot in the bad old days, but this is now happening on a larger scale.
It is a shame as Merchant has posted that all of Omegas good work is now lost with the way this placing is panning out. A few good rns orders will hopefully stop this