Originally Posted by
Baa_Baa
Interesting that Turners decided not to participate in the CL8 (Carly) rights issue and cap raising. CL8 was again looking dismal after the consolidation $0.375, SP collapsed on a string on poor results to $0.08 (about 80% decline). I was thinking they might struggle to raise, but surprise, they issue rights ~$2m, shortfall placed ~$1.35m and follow-on placement ~$1.45m!! Total 60.5m shares and 20.2m options! Cornerstone investors took up their rights. Turners didn't though and are now diluted 48%, their 5m shares they bought for seven figure sums, from 8.84% to 4.59% = holding now only worth $400,000.
Not sure how the Turners Subscription business is going, seems a very slow start with only 45 cars available in Auckland, none in Wellington. Wonder if they're still taking this Carly subscription service seriously? Way more money in selling used cars I would think.