Top 20 Shareholders, page-334

If you read the 12 July Capital Call announcement it spells it out:

“Managing Director Mr Bryan Granzien said the final pricing and amount to be raised would be determined in accordance with the terms and conditions of the Agreement over the next few weeks”

and

“The issue price of the shares will be calculated as the higher of 90% of the 30-day VWAP after the issue of the Call Notice, and the ‘minimum acceptable price’ (as defined in the LDA facility).”

Possibly somebody read that announcement, had a heart attack, and asked the company why the pricing period occurred after the capital call, not before it – and that’s what prompted the correction announcement of 19 July. As far as I’m aware, nobody knows what the minimum acceptable price is, only HIO and LDA. It could be 20c, it could be 15c, etc. Price on 12 July opened at 46c, down 35% since then, and LDA have clearly been unloading shares daily. So that's what I think you're seeing here. Once they've finished unloading you may see a recovery, but given the way the facility is structured, LDA is clearly incentivised to short the stock down after each capital call so they can sell higher and cover lower, post the 30-day period.