Regarding price of placement. Institutions always want a big discount and often the benchmark will be based on the average share price over a number of days prior to the placement. That can be any agreed period. Institutions may have wanted say, 180 days - that would have put the placing price nearer to 50p!
VOGs arguement would have been that at that time West Med was more of a "pipe dream" or 130th of a "pipe dream". So they fight it out VOG want 100p and the Insti's want 50p - they settle somewhere in between.
I posted from outset that my own thoughts were around 80p to 85p - that was on the basis of £7mil raised.
I am sure that Zengas will agree that the price of 78p if fair to all parties. I have personally accumulated, as funds have allowed from around 48p down to 35p then up again. I am still a buyer at these levels. Even forgetting West Med, I believe VOG is still undervalued on its other assets.
78p - yes - fine by me. Strange that we never saw the 40p, 50p, 60p etc as posted by some doomsters. Yes the share price may be volatile for the next few weeks - lets face it - its Christmas - most of the majors are winding down - they have sooo many invitations to drinkies you know!!
Looking forward to a very prosperous 2006. Institutions and "other investors" do not sink in £12 mil hard earned without due diligence!
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