Smaller retail guys don't need SPP. Plenty of 30c shares can be bought at market. We don't need this un-kind offer really.
It's highly likely there is inside trading involved prior to this CR. The share price crashed below 40c with high volumes during the 4~5 days before CR. Those institutions who sold out prior to the CR and bought back at CR should be investigated by ASX!
Why GCY desperately needs a CR at such a low price? The last 2 years it has never been trading at such a low price, so GCY management only just realised that they needed extra cash recently? Strangely it is after constructing the plant and pouring a first gold the share price was sold down. Big holders completed distribution to the smaller guys and thus short it down for another round, must be!
GCY Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
