DRP allows for those that wish to invest further .. Raising capital albeit quite small.
Allowing those who look for or need dividends to collect.
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Raised 20m at $1.46... must be very strong demand (not surprisingly)
I bought some . Scaled back by 30-40%. Very happy holder.
I suppose he has to say something and look like the he's looking at something to justify that huge seven figure bankers package. The other day I was reading my granddaughter the story of the boy who cried wolf once too often... Last nights story was of the three little pigs. I suppose the capital raise is a good idea to ensure the lurking big bad wolf, (GFC MK2 if it happens), doesn't blow the house down but tier 2 would have made sense from an eps perspective.
I think a tier 1 is a prudent move and the option still remains for a tier 2 raising. SP only down 2% so far, so it seems to have had a good reception. I hope that loyal shareholders should be offered a spp at the same price or at a 5% discount, whichever is lower at the time.
With over 10,000 shareholders $10m means only $1,000 each if all subscribe. The $15,000 maximum will be well watered down for the loyal shareholders....