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12:07
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Originally posted by Taurean7
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Applying an individual $15K limit on the SPP participation is not very tactful under the circumstances. Directors had no such limit under the placement, and as shareholders they are each entitled to a further discounted purchase through the SPP as well. I would have preferred to see not only a much higher total limit for the SPP, but also it be accompanied by a statement that the monies raised will be used to accelerate movement of the midkine programs into the clinic, rather than they just act as additional support for the healthcare business. A lost opportunity as I see it.
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I agree with your general sentiments. It’s worth noting though that the $15k cap is there because this is the cap that ASIC sets if the company wants to avoid issuing a prospectus. Having said that, not quite sure why the SPP is limited to an overall cap of $1m given the large placement.
