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11:45
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Originally posted by Rothbard:
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The shortfall from the recent Share Purchase Plan has two implications:Patersons Securities Limited will act as Lead Manager for the Offer. Patersons has also agreed to act as Lead Manager if there is any shortfall and if the Company elects to conduct a placement of any such shortfall to the Offer. But imo, once a few institutions/professional investors start expressing interest in the shortfall, it could disappear fast. That's because uptake of the shortfall is a potential win-win situation: a win for Troy (ie. the additional funds will strengthen its balance sheet) and a win for those who take up the shortfall (an increased stake in a financially stronger company).
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Dare say the SP will hold around 10.5 cents while the short fall of the placement is still available, few buyers there willing to pick up at that price but......
