Yep brought only a few 4200, trying to average down my losses a bit.
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Someone has to be taking part ,not us I hasten to add:D
Unusual announcement today re the result of the SPP. Doesn't say if fully subscribed by shareholders, nor if scaled. To raise $5m, which is not a lot in context, at the strike price of $0.83 only needs just over 6m shares to be subscribed. These announcements are usually self congratulatory, and this one is plain vanilla.
5/12/2021, 8:30 am OFFER
The New Zealand Refining Company Limited (Refining NZ) (NZX:NZR) is pleased to announce that its $5 million Share Purchase Plan (SPP) closed oversubscribed. The SPP forms part of the equity raising announced on 29 November 2021 to fund growth through private storage services.
The SPP received strong shareholder support, with Refining NZ receiving applications totalling approximately $9.5 million. Refining NZ has elected to accept all additional applications of approximately $4.5 million, bringing the total amount accepted under the SPP to approximately $9.5 million.
Refining NZ has now raised approximately $48.5 million in new equity, including the $39 million placement of new shares undertaken on 29 November 2021.
The settlement and allotment of the new shares issued under the SPP is expected to occur on 17 December 2021, with NZX trading in the new shares to commence on the same day. The new shares rank equally with existing Refining NZ shares on issue.
Yes, clarification at last. Perhaps they read the Share Trader Forum posts too!
All those new shares to try and eventually pay a dividend to, not to mention the CEO's lot in '23
Could not agree more. Every year that passes without a dividend, you need a bigger future one to make up for it.