The SPP really was pointless & counter-productive
In the context of the magnitude of the equity raise, it doesn’t contribute much to company coffers. It comes across as a tokenistic gesture to shareholders
The practical effect is that it pushes SP down below 25c as retailers sell shares whenever it threatens to rise above that price point in the expectation of being able to buy back at a cheaper price
This will continue until at least the end of Jan. The worst thing about this is that we’re unable to benefit from the current rally in gold. Other PM producers are surging while we languish. Goddamn
Ann: Share Purchase Plan Offer Document, page-76
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