Without a share consolidation UXA shares can only be priced in 0.1c intervals upwards. So 0.1c, 0.2c and 0.3c look the only trading prices likely. From this and without a confirmed price for the sale of GAA Wireline, how can anyone feel all that confident.
La Jolla Cove still have a right to convert at a 20% discount once trading begins.
When trading starts I expect a stale mate with bidders at 0.1c and offers at 0.2c.
Being fair though, UXA have done well in setting up this placing and rights issue. They haven't quite finished the job though and that may dampen enthusiasm.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
