Ann: Funding to Commence Phase II Expansion, page-49

"Simple fact, the major SH's have seen value at 70c"

ausheds It's more complicated than that mate. The underwriters don't need to see the value of the issue price because they can't lose money.
When a public offering trades below its offering price, the offering is said to have "broke issue" and this can lead to further selling and less buying of the shares. To manage this situation, the underwriters oversell ("short") the offering to their clients by an additional 15%- 20% of the offering size. This gives them a lot of capacity to buy back the shares to cover their short. The effect of that short covering is to raise the SP. The downside is that when the short covering is finished the SP falls - in effect the risk is transferred from the underwriter to the unsuspecting investor. So if the VXL SP continues to fall below the issue price we can expect this process to kick in and the SP will rise after the issue date, as the short covering is underway. After the underwriters short covering is complete we will see the 'true value' of the shares.