todays action

Am I right in assuming that today's Appendix 3B/Placement announcement was behind today's drop? It would appear that the 51 million $1.28 shares came on line today, so this looks to me like some people cashing out of their new cheap shares.

Should stabilise imo once those who are getting out do so. But why, I wonder was this not categorised as "price sensitive"?! It sure ended up being that and more. Shame on the ASX!!!

CommSec does not give me access to the ann, but ASX.com.au does, and here's a part of it:


4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state:
• •
•
the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

5 Issue price or consideration $1.28 per share
6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
Placement to institutional investors as part of the funding process for the Mt Cattlin mine at Ravensthorpe and the Jiangsu Lithium Carbonate Project in China.

7 Dates of entering +securities into uncertificated holdings or despatch of certificates
21 October 2009