There has been little comment on HC regarding participation of shareholders in the raising. This is the first time I can recall that Cellmid has offered the SPP mechanism to shareholders which was a point of discontent raised at previous AGMs. Good governance at work with this change imo. Hence this is a significant litmus test for retail shareholders. Personally, I think $CDY is at a turning point in cash generation which may see Advandgen spun off into it's own dual listed entity. Just imo !
However the extract below is cause for concern if retail holders over-subscribe the offer and are subsequently scaled back. I say this in light of the extensive availability to board members of the offer which appear to have no cap. Personally, I will be applying for maximum allocation across 4 accounts and expect 100% allocation.
Perhaps if an over subscription occurs Management could use those funds to advance the MK program(s) if needed although I suspect there is more going on there than is publicly available.
From the Ann
The SPP will enable Eligible Shareholders, regardless of the number of shares they hold in Cellmid, to subscribe for their choice of any one of the following parcels of shares: • 5,263 shares for the total amount of A$2,000; • 13,158 shares for the total amount of A$5,000; • 18,421 shares for the total amount of A$7,000; • 26,316 shares for the total amount of A$10,000; and • 39,474 shares for the total amount of A$15,000. The SPP provides Eligible Shareholders with the opportunity to increase shareholdings without the cost of brokerage or commission. If an over subscription for shares occurs by the closing date, the directors of Cellmid will, in their absolute discretion, scale back some or all applications. The SPP will open on Monday, 6 August 2018 and close at 5 pm (Sydney time) on Thursday, 30 August 2018 with shares expected to be allotted on 12 September 2018.
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