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Wow one big sell and drops like a stone.......bet it wont rise as quick when people eventually buy!!
So maybe a typo? "The allotment of 47,296,231 Placement Shares is not subject to shareholder approval and will fall within the
Company’s 15% placement capacity under ASX LR 7.1 (15,327,397 Placement Shares) and additional 10%
placement capacity under ASX LR 7.1A (31,968,834 Placement Shares)."
So 47.3 allocated and 'oversubscribed'. At any rate let's see if it translates into activity.
Then I don’t know why they limited it to 43 million, I will try and find out.
3standsoffbottom, this is what I read
The capital raising is being conducted in Australia and the UK. It will take place in a single tranche within the Company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A and will not exceed a level that would require the publication of a prospectus in the UK, resulting in a maximum capacity to issue up to 63 million ordinary shares.
Having reread the news release I believe the limit of 43 million shares was so as not to have to issue a prospectus on the LSE. So actually they hit their target;
Yes I think you are right in cold light of day. However feeling quite excited that this might finally be moving in the right direction. We will see in the coming weeks if cause for optimism. I am prepared to average up.
I suppose its not a bad price at 24p
But also noted that even though they said it was heavily over-subscibed they only placed just over 47m a bit short of the 63m that was available.
Think they should have could have left that out just a bit embarrassing and also maybe not raising enough for finance latest plans which isn't what I wanted to see.
Goid luck
I believe nearly 15% below last price and a little more below 5 day average. I also understand it filled very quickly and the extra (5 mill) was also raised.
As to where the share price goes all I know is whenever I take part in a placing it goes down. I expect DNK will be trading on ASX tomorrow, interesting to see what it does on LSE today.
63m shares to be issued but as far as I can tell price has not been set yet.
So do shareholders sell and hope to buy in lower or hold and hope price is not at massive discount .
Australians are halted which means they are locked in.
Hopefully the price will hold but it's hard to know with the uncertainty in the process.
Think any placing shares in Aust are subject to lock in period but don't think UK shares will be.
But it is good they are going to get funds to get things moving.
Good Luck
It would appear due to shareholder pressure on Seamus to cut the fat at HQ. How true I do not know, but it does seem since the arrival of an entity called the 10baggerclub things have been happening. I have been invested here for years and am some 80% up, it has been at times a frustrating wait due to 'no activity' (a funny Ozzie cop series). However when you you look at the potential it is mind blowing. I am looking to buy in and average up at some point, just waiting (along with everyone else) to see some progress in building the access road, set up of water supplies (sea water pipe) and getting the workers in and camped.
Any thoughts on the CFO leaving.
CEO Niels Wage also left in Feb.
Don't think its good if the CFO leaves at this time when funding is so relevant to progressing the project.
https://twitter.com/ShareTalkNews/status/1371464621270372360?s=20
Thanks for sharing . Quite an upbeat performance from Mr Cornelius! Hopefully not much longer to go for the remainder of the funding and start of construction.
I was one of the ones buying DNK on LSE a few days ago after noticing the 20% discount to the ASX price (on the offered side). Also, I noticed that the "real" spread from the market maker is much smaller than the one posted. Just now I checked the bid and offer as showing 27p/31p as public market. However, when I ask for a market sell of 1000 shares, I am shown a bid of 29.25p and a market buy for 1000 shares, I am shown an ask of 30.8p. So the actual market maker quote is 5.3%, but the one showing publicly is an appalling 14.8%. As this is a long term hold for me I am not too concerned about the "apparent" bid offer spread. I hold the LSE listing in my ISA and the ASX listing in my SIPP.
Spread in the uk sitting at 10% ish which is a drag. Interesting how for a few days there was a disconnect between prices is Oz and London, in effect wiped out the spread as it was 10%+ price differential between exchanges which slowly equalised, will look for that happening again.
"Appointment of Executive Chairman and restructure of
Board and Executive
Danakali Limited (ASX: DNK) (Danakali, or the Company) announces the following management changes:
• Current Non-Executive Chairman, Mr Seamus Cornelius, has been re-appointed as Executive Chairman
• The role of current Chief Executive Officer (CEO), Mr Niels Wage has been made redundant as part of a
reallocation of responsibilities
• Basic board fee to be reduced by 33% immediately for all board members and board size to be reduced at
AGM in Q2 2021"
In my opinion, the removal of the CEO NW as incredibly positive development, and I understand that this has in part been driven by new activist shareholders who took out a large block of shares the seller who has been depressing the stock price for the best part of a year. I understand that the new shareholder group are very keen to drive forward this world class Sulphate of Potash deposit in Eritrea to be developed into a mine. Here is a discussion on the Australian site Hot Copper which gives some context or explanation.
https://hotcopper.com.au/threads/ann-appointment-of-executive-chairman-restructure-of-executive.5931122/?post_id=51388336
Your right about funding, I think we only see a fraction of the story, vultures are circling waiting to get this on the cheap (Chinese and others). I am fortunate in that I got in at a good price so unless the company goes broke will show a profit on any buy out. However that is not what I want, this really is a once in a life time sort of thing if it all comes together. It would appear, if I leave my skeptic hat off, that some investors have got involved who have committed serious money and are looking to shake things up. This actually seems to be happening ref last RNS. No such thing as a sure bet, but it has definitely got interesting all of a sudden.
Good link 3
But wots it all about
Lack of funding thats what.
Why , thats the big question and why did AFC pull the plug on 2nd funding instalment.
Word of funding and this could well be the 10 bagger in your link quite easily.
Maybe going to happen now, hope so , thats all I'm waiting on
Good Luck
https://hotcopper.com.au/threads/dnk-feed-the-world.5928397/
If anyone wants a quick overview about wot this share is all about, have a look at the link.
I wonder if this decision was forced on them by the investor group mentioned in earlier rumour posts?
Was this prerequisite to progressing funding talks? Might it actually mean funding is closer? Questions, questions!!
So much potential here.
But it seems to stuck in limbo.
Hope they get funding sorted soon, holding this back.
Sensible move IMO... perhaps brutal but seems a sound decision.
Coupled with a 33% director fee cut and plan to reduce board size it appears DNK is nowhere closer to securing the outstanding $80m funding required for module construction.
Has he left the company ?.
Boardroom changes, quite surprised hpif he's left at this stage.
Just got a load of free shares.