Ann: Ora Banda Launches up to $20M Equity Raising, page-115

dear Bungslowbill.
the reason why people pip trade in these things is to crystallise the tax loss and re-enter at a different marginally lower price.
It is cash neutral but very tax advantageious.

this issue is also very advantageous for the major shareholder because he takes up his entitlement plus the shortfall of any shareholder who doesn’t take up the offer.

I expect Hawkes Point to go from ~35% to 45% (where as normally it’s 3% each 6 months, I think)

the shares aren’t likely to go up much during the term of the offer, but who knows what gold could do in this uncertain world.