Ann: $12m Institutional Placement and Announcement of $3m SPP, page-74

They’ve already stated that each shareholder, regardless of present holding, will be allowed to buy up to $15000 worth at 35c through the SPP. Now small shareholders who haven’t got $15000 to spare were probably selling $15000 worth at 37c (subject to must continue to hold at least 1) today knowing they can buy $15000 back at 35c free of commission in the SPP. That will provide an opportunity for bigger investors to pick these arbitrage shares up at 36c plus. There is a risk, if everyone does it, that the SPP could be scaled back even though the maximum to be raised is number of shareholders times $15000 whatever that is, providing that sufficient people take up less or none so the max is $3m.

At that point the stock should bounce nicely, The SPP will probably cap the gain for a few days fir the reason cited.

So I ended up both selling and buying today, for different entities, because of their different sizes and cash positions.