Confirmation ...Rights offeringTotally agree Matt...Fronterra is a shareholder equal to the rest of shareholders...they have No advantage over the rest of us as far as share price is concerned...
My confirmation on this play came back in October 2021...although I've owned shares for well over 10 years...
Kawa Spud Aug 21 2021 and had been drilling for over 2 months prior to expiration of rights Oct 28 2021...This was cgx news release regarding rights offering
Cgx announces Us $58 million ($73 million Canadian)Equity rights offering providing an equal and exciting opportunity to participate for ALL Shareholders....
What a crock of sh..t....
On Oct 1 when rights offering was activated share price traded at $1.66 and from then on till Oct 28 at expiration of rights the share price traded continually downwards to close in the $1.30 range..guaranteeing that no retail shareholder would exercise thier rights...Why would you exercise at $1.63 when you could buy on the open market in the $1.30...$1.40 range...You wouldn't..
As a result Fronterra excercised 99.8% of the 45,151.000 shares available...Was the price manipulated downwards Absolutely...Was Fronterra aware of information that us shareholders were not aware of....Thats for you to decide....but seems pretty obvious to me...So if Fronterra was willing to spend $73,000,000 at $1.63 you have to assume the share price is worth many multiples of that.....Just covering thier a...ss
"Equal and exciting opportunity for ALL Shareholders".....Good luck Everyone...