1.2 cents, page-18

I must admit the absence of any action on the stock price is strange. Whether it is a good thing or bad thing, I don't know? The 1.2c sellers, I don't know if they are capping or they are genuine sellers selling to fund their rights entitlement. I was one of them.

I suspect the buyers are Novus & Co. So there are two theories:
1. Novus et al are providing liquidity to shareholders so they can participate in the rights issue and reduce their underwriting commitments. There is genuinely no news coming out re distribution any time soon before the entitlement issue closes
2. J Palermo is going easy on announcing the distribution announcement. J Palermo is sub-underwriting 35 million shares through his company Dolphin Pty Ltd for a fee of $22,470. This means Dolphin is putting 350k on the table to support the raising for a meagre fee of $22,470. Why would Dolphin and Palermo take such a risk? He/Dolphin does not have to? It can only mean that Palermo/Dolphin is confident of being able to resell those shares for more than 1c down the track. This is an assumption so don't make any decisions based on it.

Today is the last day to submit payment isn't it? Issue closes on 29 March i.e. Monday.