Do people not read26 Jun 2025 23:24
or remember what they have read or listened to?
when is a capital raise wanted or liked, it’s certainly rarely appreciated and n variably pointed as being bad timing or could have been better.
but, going back months it has been said that funds were about there through to the dfs but further funds would be needed to fid and the additional tenement. so where were these funds to come from? possibly a second tie up and/or up front off take or jv / capital investor. better to replenish unexpectedly and likely to be successfully rather than when absolutely necessary and the smell of blood wreaks in the air.
an accelerated bookbuild is sorted out over a very short period and volumes have been quit low just recently so i would venture that the restricted existing shareholders have not been selling down to replace on the placing. i am pretty sure that the company are wise to that practice and react accordingly. as for a wider offering to the public, does this not avoid the accusation of exclusion and mates rates selling. yes the price has come down recently (some would say after a surprising spike) and the placing at a relatively small discount in a ****ty market.
personally i have as much exposure as i want and don’t want to average up, so will not be taking part but if funds are needed, and they are, one way or another, i don’t think the position has been been hidden in any way, it’s just all will have a view on the timing and their is always at least two opposing views on that.
they need the cash. they will raise the cash. let’s see where it takes us from here.
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