PLACING23 Nov 2021 09:32
I just love it when CEO's say how much they value their PI shareholder base. WELL of course they
do, just as generals of old valued their conscripted troops, ie: as cannon fodder.
They need to realise that without PI support they wouldn't have a listed company.
Having said that I do think that JW has done a good job in building, from a wasteland of failed heavy engineering a group with enormous capabilities which would be extremely difficult to replicate & in a marketplace where the winds are now in their favour.
In many ways they are the victims of the loss of credibility over the years which now needs to be restored & that is now slowly taking place.
For real criticism I reserve my ire for Cenkos who, for whatever reasons [???] have done a very poor job. They had a decent hand to play & have failed spectacularly. Hopefully their II subscriber does not include any institutions or indivuals with prior knowledge who have sold down at higher prices in order to replenish holdings at 20p.
Also, are we, as PI's, expected to look up to II's as being on some higher plane? Well, if any of them have any such aspirations then let me disabuse them. More like grubby little merchants keen for a quick turn. But consider:
Share price 30p - Placing 20p = SP falls to placing price. Obvious really - if this is what II's think the company is worth then why pay a higher price. Also PI's confidence is immediately destroyed & some will sell up in disgust creating even more weakness. Compare:
Share price 30p - Placing 30p = SP moves higher. Obvious really - confidence is rewarded & momentum is maintained.
In other words II's penny-pinching means that everybody is a loser.