https://www.nzx.com/companies/ATM/announcements/271446
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67c is a very small discount to the market price. Why would Goldman Sachs New Zealand want to underwrite at that price? Perhaps no interest from the Australian market institutions, despite the recent listing there?
For the larger retail investors, the $15,000 small shareholder application ceiling is a nice bit of shafting for their loyalty.
SNOOPY
The limit of $15k is the maximum due to listing rules. Only $3m means scaling will be major as only 200 shareholders will be enough to get it to $3m
The biggest piece of market news for weeks and the silence is deafening. The CR has been well signposted so perhaps there is not much to add.
-GS no doubt get a fee, and have probably sounded out the market to see what demand there is. A high price indicates good demand hopefully.
-Depending on your definition of a small shareholder, they would probably get less than $15k in a pro-rata issue. So I don't see the $15k as a shafting. Shareholders can always try their luck with GS if they want more.
-$3m for the existing shareholders does seem a bit mean. So with the scaling it could be a shafting to the small shareholders.
Remember 67c is floor price, depending on demand it could be higher. Contrary to what you said, I pick that demand from Aussie instos would be very strong and high. It'll all be snapped pretty quickly. Pity existing holders only get a paltry $3 ml take.
Unlike in many share purchase plans, I suspect this will go higher after placement.
There we've it, all placed @0.68c must be very strong demand.
Big volume and sp is strong too. 80c soon I reckon, wait till ASX open and it'll go even higher.
I think SPPs are not as fair to all shareholders as a pro-rata renounceable rights issue. However they are quicker and cheaper and this SPP seems to have been well received. The way professional investors have taken to it has produced a fillip, that perhaps may not have happened with a regular rights issue. In that way all shareholders benefit I suppose.
And it opened at 72.5c (+11.5%) on the ASX. BOOM!
On the move again , 83 cents ... Maybe still in play ?
Yeah, looks like the sp has just exploded. Strong demand from Aussies I reckon...up and up!!!
Expect huge scaling for the public pool of (paltry $3Mln) when it opens later.