holders are bailing, page-14

From the prospectus

"Avexa is offering a total of 113,596,622 news shares at 53cents per share....on the basis of 2 New Shares for every 5 shares held on the Record Date (7:00pm (AEST) on Thursday 29 March 2007) (Offer)."

"Immediately prior to the Offer....additional capital has been raised through a placement to institutional and other sophisticated investors of 29,000,000 shares at 53cents.."

The Record Date is 29 March
Allowing T+3 that makes holding at the close on Tuesday.