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Yes - I think people are figuring out that buying anything up to 2c means you average under 1.5c (till COB tomorrow) - ofcourse there are some who are fully invested and need to release cash to take advantage so must sell. My guess is that with something like 60% of the shares in the top 20 hands there won't be many available outside the existing shareholder group (yes I am assuming most take up their allotment) when you add all the others and any oversubscriptions.

When the dust settles I think 1.5c-2c is where it settles at first (post dilution FV plus a bit as the cash question is solved) I suspect a little bit of post issue profit taking is what keeps it in this range but possible that unsatisfied demand gets it back to the 2-2.5c area if the shareholder takeup is good as Patto's will be selling the story.

After this it depends on news in the 2nd half of the year but with the right prospects a run back to the recent highs might be on the cards. Sorry to the option holders but I don't like your chances unless they hit the motherload - in is possible but timeframe would be tight within 16 months.