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Directa Plus – proposed equity raise trouble though the prospective funds for ‘investment in growth opportunities’, right?

By Steve Moore | Monday 24 June 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Earlier this month Directa Plus (DCTA) announced an equity raise with Chairman Richard Hickinbotham stating that it “will enable the company to accelerate… progress by providing funds for investment in what the board considers to be exciting opportunities. We look forward to beginning the next phase of growth”. Today though an announcement including that “the company has been notified that certain existing shareholders, with a combined shareholding of approximately 19.82 per cent of the company, intend to vote against the Resolutions”. What of this and a current more than 10% lower share price response to 17.5p?
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