prices of pyc & pycoa to drop further?, page-6

This was a placement, not a raising, so they had full takeup before announcing anything. The raising was at an an effective discount of 1-(3*5.3/(3*5.7+2*2.7)) or about 30% (taking the PYCOA into account), so the selling down is probably people just taking profits immediately.

I'm increasingly unhappy about the way Phylogica raises capital. For such a small sum, and with such a generous discount, I don't see why an underwritten (preferably renounceable) rights issue wouldn't have been possible. They've done that once before in a raising - I remember getting a cheque for the rights I didn't exercise.