It genuinely surprises me that companies still run capital raises where only a select few get a seat at the table. You back a business, stick with it through the volatility, and take the risk alongside management, but when the opportunity comes to buy more and contribute, suddenly you’re not invited. Then they try and justify the pricing by talking about the premium to the 'pre-announcement of the latest results' price. Does my f'n head in.

To be clear, I’ve got a lot of respect for the team and what they’re building. That hasn’t changed. But this one feels like a misstep. Existing shareholders are the ones who believed early, supported the story, and wear the dilution, yet we're always put last.

Following the trading halt, the raise was at 15c, and then as soon as the market opened this morning it went to 20c instantly - a 25% uplift in price, but only for the select few who were included.

I used to get annoyed by the same thing @Jarrahman but with a $103m microcap company like TKM I have found that they usually go with placements to soph's (so-called sophisticated investors) and insto's purely because it's heaps cheaper, with the main saving being related to the reduced disclosure required - far less disclosure required for those placements than when offering shares to all shareholders or to the general public, so heaps less documents to prepare and heaps less cost. It's not fair to all shareholders but the cost savings outweigh that most of the time. Just the reality of small company CRs.

So many rights issues and SPPs are hit and miss. Seen many where they get part filled even if participating doubles your money. Co then has to place shortfall or do a follow on placement. Small end rarely gets underwriting so can end up quite risky to do.