That's rubbish.
One third of the CR participants are less than a quarter underwater - 5.7c for the sp and 0.5c for half a free option = 6.2c, a drop of 1.8c or 22.5%.
Two thirds of the CR participants, the underwriters, got .75 of a free option per share, so they are only under by 1.55c, or less than a fifth - less their underwriting fee too.
CR Participants have already lost 1/3, page-2
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