Given the rights issue is priced at a premium and post the annouement the market still did not come close to the rights issue price, its hard to see investors taking up their rights.
Under such a scenario some unknown private investor, Argosoy Capital is now going to own up to 27% of UBN at a fraction of its true value....
Did the Board properly value the company?
Did the Board consider a sale of 100% of the company to maximise value for existing sharholders?
Ann: UBN Announces Placement, Asset Purchase and Rights Issue, page-16
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Buyers (Bids)
| No. | Vol. | Price($) |
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| Price($) | Vol. | No. |
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| 45.0¢ | 10000 | 1 |
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