Ann: December 2017 Quarterly Cashflow Report, page-27

WFE has certainly done well since JB took over. However, there seems to be a dearth of information or analysis to support a higher sp at this time (now that the MC is over $10m). I wish we had more to go on than patterns and history around JB's other successes. Nevertheless, these may be indicative for the short term. For the raisings mentioned above, I've had a closer look at relevant announcements and, correct me if I am wrong, two of them seem to have been placements with sophs or instos. This may be significant.

I checked the last WFE Appendix 3B notice and the placement capacity left under rule 7.1A = 198,102,769. The 5-day VWAP is currently just over 0.006, and if I understand the rules correctly the minimum price for a placement at this time could be 0.005 (80% of 5dVWAP). Keeping to this hypothetical 'JB-pattern', WFE could do a small raise of $1m with a placement at 0.005 without any further news, or even $800k at 0.004 if the VWAP drops a little more in the coming weeks.

I only saw a few midpoint trades today on Commsec (CXXT) and a lot of cross trades (XT), so I suspect that most of today's buying was retail only. Given the high volume sitting on 0.005, I suspect the smart money today was betting on a short term sp drop, and maybe a placement sooner rather than later. Either way, I am content to hold while we wait for good acquisition news, which will undoubtedly get the sp moving up again and will justify a bigger second raise.

DYOR