Ann: Concept Study Update, page-161

I suspect that the selling is from people who see the price go below the underwriters price for the conversion of the options and fear that those shares will be dumped on the market shortly after June 30 and are selling to establish their tax loss for this financial year with the hope of buying in for the same price or cheaper in the new financial year. Then we hit stop losses and further carnage. It just goes to show the experience and wisdom of management who paid a premium to ensure their capital for the next phase. There was very considerable criticism here about that move!