Overdue post Peter. Have lost count of the recent raisings that have asked for a tiny discount on the listed price only to see it underwritten because nobody's interested. Moreover the share generally tanks to secure the underwriters stake.
Could there be a little manipulation? Is something going on that is kept out of the loop? Maybe the underwriter knows more than the dumb shareholders. Wouldn't surprise me at all. ASX needs a little more discipline.
These issues should be proper rights issues at at least a 10-15% discount to the share price for existing holders.
Most should come on board if the case is well put and the potential feasible.
Friendly underwriters can often become hostile asset- strippers and raiders.
Still up on many bought at 1.7c expecting a return to 10 or 11 but unless eldorado is around the corner it seems unlikely.
Had to select a position on the thread - pity there isn't a "don't give a damn" category.
Overdue post Peter. Have lost count of the recent raisings that...
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