SPP dilutes the major shareholders so they force CTN to run a further raising (Top Up Facility) so they don't become diluted.
Why wouldn't you because the SP is well above the 87 cents SPP/Top Up price!
Top Up Facility announcement and the fear of significant dilution tanks the SP to the subscription price.
Majors only take up approx. 16% of their entitlement in the Top Up.
Feared dilution does not occur, solid post Top Up NTA announced and no volume?? So did the majors decide to buy on market during the Top Up? No the last months volume suggests not.
What a transparent waste of time and money by the major shareholders who were clearing playing for a flip profit. If not they'd be in there now restoring thier pre SPP dilution shareholding.
CTN Price at posting:
90.0¢ Sentiment: Buy Disclosure: Held
