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Well the 10m sale shares were not part of the 2.84m raised from the placing shares. It just provided an opportunity to dispose of them at the same time as the placing. Just don't see the point of it for a profit of 0.5p per share.
When you read articles like that Everactive fund raise and the size of the IoT market that CPX appear to soon benefit from you'd think the shares would be worth holding onto for at least the next 6 months as I intent to. Hopefully I won't be disappointed as all the recent news seems to imply we will see the expected growth. I'm sure all will soon become clear.
Without looking how may shares were they authorised to issue without going to the shareholders to allow for more? Could be a reason why it happend like this?
I agree Open but why would they do it. If options aren't worth anything you can just let them expire but if you believed in them long term you would buy them at the exercise price and hold to sell at some time in the future...very puzzling.
"No personal gain"...don't believe that. Any BOD always has its nose in the trough . The question is how will any plans affect PIs?
Monkeywizard you raise a good question. Definitely something strange about these transactions. If the exercise price in December was 5p you wouldn't sell for 0.5p profit at this stage. Also 3 of them sell their entire holding. Really not sure why these transactions occurred but on paper it looks like they just handed someone 10m odd shares for no personal gain and that wouldn't happen without a reason which isn't clear at the moment.
Monkey the simple explanation is they needed to sell to raise money , buy the shares and take profit . This has allowed 3 to sell out completely ( they are all 60+) which heralds imho the start of a new chapter as they bring in new blood ! Just my take from someone who's been showing Islington open for the past 8 years
I think it is the correct and only option to do if they wanted to sell as it would send shocks through the market if they sold that size into the open market rather than an over-subscribed book building as they have willing buyers ready to receive the shares at 5.5p
Hope they bring some contracts in, all engineers and no salesmen.....
The problem is Wobble you don't know the BODs agenda. My experience is that it is seldom the best interests of their shareholders. Still we wait and see but this latest ruse is par for the course as far as I am concerned viz lots of potential but little substance . All IMHO of course
PC01, same story here. I agree that going for a loan would have been far more fair towards the existing longtime shareholders who really put trust in the company.
There is also a positive part: why do they not care about the private investors ? Looking to the fact that they could sell the shares easily to the institutional investors and the shareprice didn’t drop to 5.5, looks like the professionals are confident about the future.
Not selling and I will use coming weeks to digest my strategy since I expect another dillution for funding the capex of line 2 before end of year.
Wobble - you ask a good question …my own view is with interest rates so low CPX could well have borrowed money to fund future expansion rather than yet another dilution for their long suffering shareholders. I rarely agree with OS ( i still owe him a £10er!) but if this company truly believed it was in the verge of becoming FCF +ve then i believe it could quite easily have raised - what AUD$4mm - with a loan facility with one of the Aussie banks who are awash with cash!
Whilst i believe very much in the company and it’s prospects i am deeply disheartened by this cap raise, unaccompanied as it was with any update on how general business is progressing so that it’s smaller investors can take some heart. But no - as per my comment last night - £3mm raised with not a glance at existing shareholders.
Still v v grumpy.
Told you it was good news people that clock watching their investment need to chill out and trust the process.
Would you the rather the company to stay DEBT FREE by selling shares or get into debt by not selling shares ? great business moves are happening here what great business man.
More good news as cpx are looking to invest for growth