NCCL bringing my average down.17 May 2020 13:28
I am as frustrated as everyone else. Although the funding was expected I am not overly happy as I think they could have got it at a higher price if organized differently. I would have happily taken more stock if offered, as I guess others also would have. There was talk in the twitter groups of a possible premium placing and I suspect if offered a few would have been keen. That would have presented a lot more positively.
With regard to warrants, well, that is annoying, to say the least. As was the selling prior to the news and the broker note ahead of it, which obviously means either those that took it sold down ahead, forward sold or others were given a nod. It was not as professional as I would have liked.
But the positives are that we have been held back for ages with this funding issue and now it finally out the way. I know a few sold out ahead with the hope of buying back in after some rainbow chasing and it has worked out marvellously for them.
The dilution is not terrible and there are still not that many shares in issue after the event. Depending on who took them the churn could be fast or slow and I would guess the price will bob about current levels a for a little while before moving up but it will move up.
There were positives in that RNS that were lost in translation as most only read as far as the world placing. For me, I am happy to move past this and took a small number of extra shares on Friday ( it was not easy to buy as others had the same idea) and will probably try and continue to take advantage of the current opportunity to lower my average a bit more.
I continue to hold at a loss as I feel there is still a lot of upside here.