It's fully underwritten Ceeho. So in the event that no one takes the placement, the underwriters take the lot...(and then sit on the market until they sell down) These types of placements, as I indicated at the start of the day, are utterly ridiculous (see debacle that was/is QHL). There is little chance of getting back to 3c at the moment despite what some may say. If they had held the placement back a week or two,they probably would done it at 5c. It is all very well to ignore the 'trading types' and worry about the Long Term, but everyone would have been better off if some thought had gone into how to structure this changeover. Part of a Company's DNA should be to convert short term traders into long term holders and this is NOT the way to do it IMHO.
ECQ Price at posting:
2.2¢ Sentiment: None Disclosure: Held
