Any chance?, page-9

There is a fundamental difference between Market value (from which a placement price will be derived) as indicated by market price and what some here consider fair value which is totally subjective.

The company has told the market it is will discount by up to 20% and has shareholder approval to do so, so I am sure no one will take up the offer unless it is discounted to this level at least. Some really good news will need to come out within the next three months to push up the price substantially in order to raise the required funds at a price above current level. This may happen but there will be a still 20% discount IMHO as sophisticated investors will demand it..

And yes they are sophisticated not stupid so some might take a 20% quick return if the opportunity arose post raising and dump the shares if the market price did not adjust accordingly.