Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
This morning, President Energy (PPC) announced that only 11.9% of eligible shareholders had participated in the company’s open offer to raise £4.3million. On its own, this update might have sounded pretty dire. Fortunately for President it had already secured £30.7million from institutions earlier in the month, so the announcement could have been much worse. Even so, the failure of the open offer is a blow to anyone who hopes for wider access to discounted placements.
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