equity raising, page-10

It's not. Tranche 1 only for instos, so surely it is now in their interests to keep it higher? Would you expect tranche 2 to include an element if not all for retail, would be unusual to exclude the entirely?
Was trading at $2.20 a few days ago and I suspect the instos who knew what was imminent artificially took it down to $2 to get a real low ball $1.80... But if tranche 2 is to be at same to keep it fair, everyone will want to buy before entitlement closes. Instos will get two bites of cherry...