"is pleased to announce that the Company has undertaken an institutional placement of up to 11.25 million ordinary shares at an issue price of $0.08 per share (representing 2.5% of PLA’s issued capital) to raise approximately $0.9 million (“the Placement”)".
To raise only $900k and do it at a 20% discount to the last traded price smells of corporate desperation.
"PLA further advises that it will be conducting a new 1 for 10 renounceable pro-rata entitlement offer to all eligible shareholders to raise up to $3.6 million (“Entitlement Offer”). PLA also notes that it has granted a call option to Acorn Capital pursuant to which Acorn Capital will have the right to subscribe for up to 6.25 million shares in the Company at an issue price of $0.08 per share (“Call Option”)".
The only resilience demonstrated by PLA management has been the ability in hanging onto their positions and fat salaries.
The Chairman and MD need to be shown the exit door fast, as they have destroyed shareholder value quarter over quarter, year after year.
They have failed miserably in the transition from explorer to producer.
Very sad story this one.
PLA Price at posting:
10.0¢ Sentiment: Sell Disclosure: Not Held
