Ideagen (IDEA) announced a placing of shares yesterday at 4.50 pm, i.e. after the stock market had closed. I predicted the placing in my previous blog post on the 3rd December and it was obviously common knowledge that one was about to take place.
They also announced an offer via the Primary Bid platform at 4.53 pm yesterday which did potentially make it accessible to private shareholders. But you would have had to move very quickly because this morning at 7.00 am the results of the placing and Primary Bid offer were announced and the offer was closed.
Note that I do not consider this arrangement to be an acceptable alternative to an Open Offer for individual shareholders. It simply does not provide enough time for shareholders to consider the offer and locate the required cash.
It is also not a good idea to have knowledge of the placing becoming widespread before it is announced. I suggest that when placings are being hawked around the market, that the shares are suspended to avoid market abuse.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
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