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Open Letter to Eversendai

The below price chart shows its price has been dropping in the last 3 months and it started to drop more rapidly when the share placement was announced on 15 Aug 2017.
Eversendai’s share placement procedure or method is not the same as that being practised by most listed companies when the companies needed cash. Investors should know that share placement is better than borrowing money from the Banks.
The usual method is to place out not more than 10% of the total issued shares to rich investors and fund managers at the last 5 days average price minus 10% discount. These buyers will support the share price and they will in fact buy more shares in the open market whenever the price drops.
Most of the shareholders would feel cheated temporarily because the placement price is cheaper than the current price. As a result, the share price would drop a little but not so server as the current case of using Macquarie bank as the selling agent.
Macquarie has the right to sell at 90 sen per share if the 5 days average is Rm 1.00 minus 10%. According to the last 6 announcements, Macquarie managed to sell a total of 4.6 million shares at 90 sen each. At this rate of selling, God only knows when Macquarie will be able to find buyers for all the 77 million shares. It is a vicious cycle.
All the intelligent investors should be selling because the upside is limited to 90 sen for a long time.
I propose Eversendai to take the follow actions to stop the bleeding:
1. Announce that the company has terminated the share placement agreement.
2. The company starts to buy back some share in the open market to show that the price is under valued and create confidence for investors. No one would want to sell his share back to the company.
3. The company has enough of reserve to make an announcement to give out 1 bonus share for every 2 shares held by shareholders on condition that they buy one convertible warrant for every 2 shares held by shareholders at 30 sen each. The total receivable amount of money will be 770 million divided by 2 X 30 sen = Rm 115 million. Assuming Macquarie can sell all the 77 million shares at 90 sen each, the company will only receive 69.3 million.

I am sure all investors can expect the share price to shoot when the company makes the announcement according to my proposal.
I trust Eversendai will consider and implement my proposal as soon as possible.
As you know, I have previously written why I bought into Eversendai. My purpose of writing this open letter is to re-establish the highly respected name of Eversendai and to stop its share price from plunging further down.