It seems to me a majority of the top 10 will be holding on medium-long term to see how this all unfolds.
We shall also see if there are any type of restrictions placed on this small cap raise, and if raising price is higher than 1c, this will be a bonus.
We are currently looking at circa 700 million shares on issue if you include Epat consideration shares + small raise dilution. Let's not forget the remainder shares to be converted by Magna. Naturally, anything to reduce further dilution will good. And if management can obtain more cash by selling off the copper assets, then this will be handy for the compulsory raise in 2-3 months time.
If the small interim raise is heavily oversubscribed, then I would expect some very nice buying on market. But won't know til today or tomorrow. Will see.
As I mentioned last week, given a majority of top 10 entered previously at 2+c, anything less than that is a steal.
MNQ Price at posting:
1.4¢ Sentiment: None Disclosure: Held
