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Junior Member
Share dilution bugs me off.
Yesterday's announcement of a $1.15m share issue to "key investors" is an insult to small investors.
Last month we were told ECOYA was now at break-even point, so having carried them since float we should have been offered a rights issue.
This privileged "key" group, including "independent" director Rob Fyfe, were given a 10 % discount on the current share price plus Warrants (last traded at 10.5c).
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And the warrants due to exercise shortly - no chance
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Member
Originally Posted by robinnz
Share dilution bugs me off.
Yesterday's announcement of a $1.15m share issue to "key investors" is an insult to small investors.
Last month we were told ECOYA was now at break-even point, so having carried them since float we should have been offered a rights issue.
This privileged "key" group, including "independent" director Rob Fyfe, were given a 10 % discount on the current share price plus Warrants (last traded at 10.5c).
Totally agree with you Robinnz, I wasn’t exactly elated to read that, we all should have been offered a piece of the pie, suggest its all about us, bugger the rest of the punters.
The first lot of warrants are due by 15 Dec 2011.
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Hey, I never said they weren't a good bet... bit of a challenge but nothing to someone who probably developed a sense of humour from being called GRoss on a daily basis. NZ could do with him building and selling off listed businesses on a 3-5 year cycle, no matter how naff the original concepts he chooses to ride on.
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To be fair it wasnt really at a discount. There are very few shares on offer over 90c just a few thousand dollars worth.
Very few sellers about , which is a good siign. Was far too small a number for a rights issue , given the costs.
The company appears to be going places , there some smart cookies involved in this one , should be some profit left for the ordinary shareholders
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Junior Member
They've been trading above the 90c for the last month - so it was a discount.
Yes it was a relatively small amount and hardly worth their effort given their announcement in October that they had reached break-even. It's difficult to believe that "debt reduction" required this issue.
Those Warrants would be the ECOWB dated 15/6/13 currently trading at 10.5c - so that was a pure gift.
I agreed the company seems to be moving in the right direction - I just don't want this dilution reducing my share.
Originally Posted by ratkin
To be fair it wasnt really at a discount. There are very few shares on offer over 90c just a few thousand dollars worth.
Very few sellers about , which is a good siign. Was far too small a number for a rights issue , given the costs.
The company appears to be going places , there some smart cookies involved in this one , should be some profit left for the ordinary shareholders
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After seeing the massive discount on their candles at living and giving, and the merchandise not moving at all , decided to sell my small holding
Just a warning to holders , it has taken me seven days just to sell 5000 shares at .96c , they are so illiquid that they almost impossible to sell. You better hope there some good news down the track or your going to be stuck with them.
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Originally Posted by ratkin
After seeing the massive discount on their candles at living and giving, and the merchandise not moving at all , decided to sell my small holding
Just a warning to holders , it has taken me seven days just to sell 5000 shares at .96c , they are so illiquid that they almost impossible to sell. You better hope there some good news down the track or your going to be stuck with them.
Maybe a lot of holders are simply planning to leave them in the bottom drawer until the takeover bid turns up ? Wasn't that the original plan ?
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Member
Originally Posted by ratkin
After seeing the massive discount on their candles at living and giving, and the merchandise not moving at all , decided to sell my small holding
Just a warning to holders , it has taken me seven days just to sell 5000 shares at .96c , they are so illiquid that they almost impossible to sell. You better hope there some good news down the track or your going to be stuck with them.
If it has taken you seven days to sell 5000 shares at 0.96c, why haven’t any shares sold at 0.96 cents since 2 February? The last sale price was at 0.95 cents.
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Exactly and they were mine , i can easily prove it if you like . Had an order in for 5000 last sold on feb 2nd , had 200 left over that sat at the front of the queue for the next week without sellling. Yesterday somneone jumped in front , wanting to sell at .95 . So i sold the remaining 200 on market yesterday at .93 cents , that sale is the reason the price dopped yesterday fromn .95 to .93
Dont appreciate my honesty being bought into question
Last edited by ratkin; 09-02-2012 at 11:05 AM.
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