Well that's the thing, it is not done and dusted. The SPP closes on 8 November. Until then, existing investors have an incentive to sell at any price higher than the issue price and simply buy back via the SPP. In the meantime, sell pressure below the issue price will be provided by those who have given up on the dream after what is clearly very much a not-so-appreciated capital raise prior to what was hoped to be a major catalyst for the company. I can't imagine all that many punters will be offsetting this with buy orders until at least after 8 November, when the SPP is truly done and dusted.
On the plus side, that allows potential buyers to wait and see whether the participants in the placement dump their shares next week or the week after before making a buy order. I know that is what I will be doing with my remaining orders...
PER Price at posting:
8.1¢ Sentiment: Buy Disclosure: Held
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