My guess would be that the sophs had agreed to pay a discount over a certain VWAP period (possibly the 5.3% discount to 15 day VWAP that is quoted), ending Friday 21st Feb and that was the basis for the $1.07 and $1.26 price calculation. The proposal would therefore be exempt from continuous disclosure under rule 3.1A as being incomplete at the time of the ASX query, given that the placement price had yet to be agreed (and may have been affected by disclosure).
The interesting point would be who/what was really driving the rally at that point.
Also, given the shares appeared driven up going into the first tranche issue, will the same drivers send the price into another spike prior to the second tranche issue?
BLT Price at posting:
$1.92 Sentiment: ST Buy Disclosure: Held
