The company is negotiating with ASX the terms and structure of the spin off. Specifically, how much of a minimum holding you require in order to qualify for the priority entitlement. I anticipate that the company is going to set a minimum holding, likely to be 2,000 GIR shares or more.
Another good point is that the company has resisted temptations to increase the size of the capital raising, but rather has decided keep the capital raising very tight - opting to have the issue oversubscribed, rather than trying to eek out every last cent from investors.
The plan then would be that if the company requires any further cash, it would do a capital raising at market (and subsequently higher) prices.
The reason behind this is so not to dilute shareholder value, and to maximise every possible benefit for existing GIR shareholders.
The discussions with the ASX is causing some delay, so I would not expect the prospectus to be announced to the market for another week or so.
Brilliant news.
Another tightly held GIR spin-off in the waiting.
Can't wait!!
GIR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
