DeNot, When the institutional and sophisticated investor placement took place a few weeks back, it was reported via a Hot Copper thread who took part that applications were cut back by around two thirds. ie demand was very strong. The annual report shows 8647 shareholders plus 939 less than marketable parcels at 28th September 2009. At $15K per shareholder $130M would be raised, so it's very likely that the $11.2m the company states it is targeting will be easily achieved. In fact the letter of offer states that if the spp is substantially oversubscribed (relative to the $11.2m target) then they will apply cut backs to applications. They also say that if it is moderately oversubscribed they will accept and sit on the extra money for future projects. My thought is to apply for the maximum ie $15K in order to minimise dilution of the parcel that I hold.
MOS Price at posting:
11.5¢ Sentiment: LT Buy Disclosure: Held
