Result of Retail Offer Announcement7 May 2024 20:08
This is the key part of that announcement
"The Retail Offer included a £200,000 order from an existing institutional Shareholder that did not participate in the Placing."
Contrary to what Allenby Capital & Mirriad would like you to believe, the above statement proves that the attempted placing was an absolute shambles.
In there botched haste to get it organised they didn't even contact at least one of there institutional shareholders to see if they would participate in a fund raise. Therefore they didn't try to create overwhelming support for it in advance & thus strengthen the share price at which the placing could & should have been done at. Remember last year's placing occurred at a 4.8% discount & this years at a 43% discount.
Allenby Capital's earlier claim that the placing was fair & reasonable to existing shareholders is now completely blown out of the water by this.
This is just becoming a bigger & bigger mess.
I very much doubt either Mirriad or Allenby Capital looked at other possible ways of funding the company (other than possibly a minor glance to make it appear that they did).
They'll be some more emails going in, in the morning now.
LOTM