NSR (Trading halt): Was out raising some $$ today to replenish the war chest, something they typically do about once a year. The $325m equity raise was being structured as an institutional placement ($300m) with an attached $25m share purchase plan for existing retail holders, the price determined via a bookbuild with a range of $2.33-$2.41 being touted. They then ask for bids in 1c increments and the deal gets done. Street Talk reported this afternoon the price was set at the lower end of the range, being $2.33. The SPP will be priced at the same level as the placement, although best to wait for confirmation on price by the company!
- We like NSR and it remains on the MM Hitlist, a pullback into the low $2.30’s will have us interested.
MM is bullish NSR into weakness ~$2.30
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