Ann: Placement & Underwritten Rights Issue, page-3

Excuse my cynicism, but to me this only looks "very nice" from the broker's perspective and any institution or high net worth individual that manages to pick them up in the placement for $0.50.

Net cash goes from $8.4m to ~$14m, so we are probably funding the next acquisition without knowing exactly what we will be acquiring.

Given relatively small amount of cash being raised through the placement, I - and perhaps most of SND's retail investors - would have preferred to see all of the funds to be raised via the rights offer - especially given the strong retail shareholder base of SND, which I view as a strength rather than a liability.