Matt's reply this morning.
Hi - thanks for your feedback. Raising money via a placement is the most common form of capital raising on the ASX. Whilst we'd love to accommodate retail investors in a placement, unfortunately ASX and the Corporations Act don't allow that.
A rights offer is not an efficient way for us to raise capital given the nature of our share register and the lengthy and less certain process.
The raise was priced at a 14% discount to the 5-day volume-weighted average price which is a typical discount for small cap placements.
We have opened a Share Purchase Plan to give shareholders the ability to invest up to $15k at the same price as the institutions. This is our third SPP in 12 months. The SPP is capped at $2m (our previous SPP in February 2018 raised less than $700k at 45c).
Regards
Matt
To be honest - I am not feeling that positive about our CFO's response.
I am pleased that an SPP has been announced post market open today.
I find it interesting that there was no mention yesterday of existing shareholders being involved.
I am pleased that we will raise $20m & $2m via an SPP
Am not happy at the 59c price tag given where we were trading
Am thinking that $2m will be swallowed up fast & doubt, if I calm down - I will again be fully supporting LVT in their SPP.
Being labeled a retail investor, when I am not is interesting.
Am thinking that management should learn to treat long term (and indeed all shareholders) with more respect.
All the best
Gracie
PS. I'll take off my grumpy boots now.
