Working out why Select Harvest raised funds at $4.20 a share in a dilutive capital raising when its shares were selling for significantly more on-market has proven a tough nut to crack.
The capital raising, announced to reduce the company's debt, has been criticised in this column and elsewhere for giving preferential access to major institutional shareholders (while diluting everyone who didn't or couldn't participate). At the Tassals AGM in Melbourne this week, shareholder activist Stephen Mayne got up and gave Tassals and Select Harvest board member Michael Carroll a spray about it, to which Carroll responded that while it wasn't the appropriate forum to respond, Mayne's analysis (which is similar to ours) was misinformed.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
