Weird looking poison pill!

This is quite a farce. A board gets a NBIO over 100% the last traded price and doesn't even grant DD because it thinks it's too low but has the audacity to then do a cap raise at the pre-takeover price. Takes a fair bit of front to pull that off!

Be interesting to see where this trades when it comes back. Any instos in the placement are going to be pushing for the takeover I'd assume? Free money etc.

Yeah, the poison might just be strong enough to kill the patient along with the "disease" (t/o).

Sure enough, the price has been nuked after resuming trading.

The volume traded looks no bigger than some other days before the announcement. I’m not sure if that’s typical of a capital raising?

Volaris and other instos buying on the takeover may be holding and deciding what to do. It’s thinly traded anyway.

Wow. A 24% take up of the insto entitlement, even after they tried to shop it around on Friday. What does that say about expectations of a t/o from the existing insto shareholder base? Hmm...

Remember the founding CEO is back on deck as an "independent consultant" so they may have a viable plan to hold off the take over and reinvigorate the business to a higher value in a few years

Yep, I speculated as much in my response to the initial announcement of that appointment. But boy, if they are angling for that, they sure are doing it the hard way vending shares at such a steep discount. They need to do well enough for the market to 2x the value of the business just to get back on a level (and I will eat my proverbial hat if the market does not punish them for this move by marking down the shares heavily!).