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Not necessarily a single investor - far more likely to be multiple investors chucking in a portion of the £25M each.
So not one person willing to invest lots of money but lots of medium sized investments all of which will have looked closely at figures / strategy / risk and made an estimate of future profitability. Many heads better than one!
Look at the positive.... An institutional investor has come along and said the want to invest £25 million but they are only willing to pay 8p per share. That is a huge investment. The obvious downside is the company has to issue a further 355 million shares I think. Currently 1066 million shares in issue.... Plus 25 million and 355 million equals 1446 million. New investor will own 24.5% of company. All subject to shareholder approval. We can say no? Hence we are being offered some too? Surely new investor has done due due diligence expecting big things. This is the third huge vote of confidence. Who is this new investor. I have not known such a huge investment other than in takeover scenario. Obviously trying to look at positives.
some amount of simpletons on here anchoring. 6p; 3-4p haha. obviously, I'd be surprised if it goes below the proposed placing price.
Roy, it will depend on your broker but is relatively simple - that said, the shareprice will likely dip close or touch the placing price tomorrow so you should have no issue buying on the open Market. The way the SP dropped after the news suggests that a raise was expected so not a big deal here and should set a bottom of 8p to build on for the next "24 months". Sensible that they are raising at this level rather than where it was 6 months ago which would have resulted in a much larger dilution.
Does anyone one know how shareholders can participate?
Subject to the successful closing of the Bookbuild, the Company is also making an Open Offer, for up to 25,076,613 Open Offer Shares, to raise up to approximately £2 million at the Placing Price, on the basis of 2 Open Offer Shares for every 85 Existing Ordinary Shares held by Eligible Shareholders at the Record Date. Any entitlements to Open Offer Shares not subscribed for by Eligible Shareholders will be available to Eligible Shareholders under the excess application facility for the Open Offer.
It hasn't adversely affected the SP on Tradegate so hopefully the market might see this as a positive. If it provides enough capital to get Bayou and Altato off the drawing board and into reality, then it'll be money well spent.
Harland and Wolff did the same earlier this week - share price dropped 30% next day & now trading less than the placing price. Needless to say I had my fingers burnt along with many others.
AIM investors beware.
XPB - I've been watching your debate with HElloSanDiego for 6 months whilst I've sat on the side-lines trying to pick an entry point. Eventually decided it might be worth a punt at sub 5p so missed latest rise and still on the side-lines.
The RNS says £25m will be from Institutional Investors, so you'd assume better due diligence and knowledge than the average PI - only £2m from current holders - who I agree look like they're going to get ripped off by the company they've invested in.
If the Institutions are chucking £25m in they must see something that promises a return at some point.
Based on 33% looks like those who said 6p may get their price.
MakePumps - "I bought In today, God I feel stupid now!"
You only have to look at the previous placings to know that's roughly where the price will remain. Institutions aren't going to put in £25m if there's any chance it will drop to 3 or 4p. They'd have to be idiots.
The most un-strategic placing I have seen in a few years.
They are raising £25m to keep the lights on, massive dilution and they will be back again very soon with another placing. Absolute junk.
Additional 338 million shares..... 33% dilution.... .... Extremely long hold now. Placing was always the risk.... But this big not expected.
MakePumps12 I said it on Tuesday...and got lambasted for being a 'de-ramper', 'trying to move markets' and then Avastar said he would report me to FCA...the emotional bag holders on this board are a special breed.
Sorry you got sucked in...this will see sub 4p in a short time.
Not a surprise really, GETECH did similar earlier this year.
All these AIM Companies without current revenue streams have to raise the money somehow - it's either institutional lending at high rates (as it's high risk) or extra placings.
This is where Govt action would facilitate green start ups / embryonic companies - secured Govt loans at normal market rates. Placings just disillusion holders especially on terms like 2 for each 85 held.
Notice how quiet I was Wednesday and Thursday...I sold!! Small loss. on my punt..may renter when this see's 3-4p
big dilution, what a disaster!!!
Issue a couple of off take agreements, pump the SP, then seek £25m from poor, naive investors. Disgusting behavior. Where are the strategic investors in these projects? None to speak of.. You’d be a fool to buy into these offerings.
Does anyone one know how shareholders can participate?
Subject to the successful closing of the Bookbuild, the Company is also making an Open Offer, for up to 25,076,613 Open Offer Shares, to raise up to approximately £2 million at the Placing Price, on the basis of 2 Open Offer Shares for every 85 Existing Ordinary Shares held by Eligible Shareholders at the Record Date. Any entitlements to Open Offer Shares not subscribed for by Eligible Shareholders will be available to Eligible Shareholders under the excess application facility for the Open Offer.
This is good news BTW...