Sequence of events.15 Jun 2018 18:59
This could be the worst sequence of events for the company. Either I'll fated timing or poor management decisions. 1. Rumour goes round of Placing -turns out to be true, subsequently the share price gets hit hard. Price of placing is below 1p.. (complete joke). Hadn't there been a leek placing price would of been between 1.25- 1.35. Whoever had 1St dips make a huge profit.
2. Timing of Oga approval a day before placing Announcement - this is very bad timing. Not the companys fault because they had to announce it as soon as possible. However they should of delayed the placing, or the placing should of happened a month ago. The share price would of been above 2p if this was the case. There was a pullback from from 2.20 to 1.50 yesterday.. As I think people in the know knew placing news was on the horizon.
3. Then the announcement today. Confirmation of placing. Sp drops like a stone. Im sure there would of been a steady rise without placing news. Management should of waited until oga approval or did this capital raising after the agm. The only people who made money today are the institutional investors who bought at placing, Market makers due to spread and volume and the shorters.
Management and broker deserve a patt on the back...