Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Yes Gary.... it looks very much like it was shorted and the company was held to ransom over the placing price. But that is very different to the company delaying the OO for them to flip is it not....... The question I have is why did they wait until the last minute to do the placing? Why did they not do it pre AGM? Why did they not do it immediatley after the AGM? Did they try to give themselves the best chance to deliver news first, were they incompetent or were they complicit?
The fact the price drop is caused by this aggressive action rather than any actual bad news, should be an opportunity, and with the very plausible scenario that the OO was delayed to enable them to deliver something to make this attractive, this should present an opportunity
Just my opinion, but had the open offer come at the same time, I think that would at least have helped to form a base at the 0.3p area - by splitting it like this they’ve jeopardised the chance to raise additional funds that they probably needed (who is going to take the open offer when the SP is lower on the open market?). Had it all come at the same time they’d have raised around £500k
There are 2 possibilities imo 1) The company don’t need the money and have reduced cash burn rate significantly through formation of SPV and such like that will allow separate project financing without dilution 2) Price sensitive (positive) news will be announced that will increase sp and provide incentive for existing holders to buy in. Anything otherwise and I will be scratching my head about why the company has decided on recent sequence of events.
Actually Gary i think there is more chance that they would have struggled to get the OO taken up if it was done at the same time. And i think quite a few would have missed out had they done it at the same time. A lot of people i have spoken to are looking for further news before subscribing. Also it has enabled others to purchase additional shares pre record date. So i do feel there are more benefits to holding it back, but the main benefit would be a derisked take up if they can deliver news, so we wait to see if they can update on the SPV and seed finance or something else in the next week or so.
The only possible reason i can think the delay may benefit the placees is that the delay means the new shares make the record date and therefore the placees can participate as I can't see any notice that they are being excluded from participating in the OO, which might normally be the case to fully ensure only existing holders benefit and the placees don’t get a double dip.
Amazing how quiet this can get with a rise in SP. #excitingtimes
I've had no recent feeds nut noticed mine stopped at 10:57???? Lse..Obviously not working....
You getting posts ok all day?
yeah same here... to be honest what more can be said at the minute #desperatetimes
Royscot, Looks like the company will say.."we gave you the OO but no one took us up on it" and so next drop if or when placing occurs is down to us! Ummmm?? Need a rabbit out of the hat now...SPV, HOTS??
Good luck with that.
QT,
I think, Graham, pretty much acknowledges that the likelihood of extra funds from the OO when he uses the word "hope". I've resiled myself from the notion that this company will ever do anything to the benefit of shareholders and quite frankly Graham needs to do much, much better!
Could even see Graham and Simon B have a punt soon!!