Yesterday the company issued a shortfall notice on its recent Renounceable Entitlement Offer at 5.1c to raise $3.9 million. Only 22,484,154 of the approximately 76,959,043 shares were taken up, leaving a shortfall of 54,474,889 shares. Only $1,146,692 out of the $3,900,000 million was raised.
Under the terms of the Rights Issue, the company has the right to place any or all of the remaining shortfall shares within three months after the closing date (i.e. by 24 August 2018) on the same terms as the Rights Issue.
Given that SYA has been trading under 5.1c for all of May it’s not really a surprise that there was a shortfall. If you can do better by buying on market then it makes sense to do that instead. Lots of shares still on offer on the sell side under 5c.