Does MM like NIC SPP
Will MM participate in the NIC SPP?
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Answer
Hi David,
MM doesn’t hold NIC across any of our portfolios hence we wont be taking up the SPP.
The company is looking to raise money to fund the purchase of an Indonesian nickel project. Institutions paid $1.37 for 108.1 million new shares, basically where the stocks trading today, while the SPP will also be at $1.37, if we were long its unlikely MM would take up the offer, we like a bigger discount, something around 5% plus.
