Ann: Becoming a substantial holder, page-15

You might be right. Shaw ended up underwriting around 100m. Whilst Regal will pump and then profit take at least we know they will seek to push the SP up. We were at 21.5c in the first couple of days in July so a 5c profit would represent a 33% return for them. If they picked up 80m shares at 15c, they stand to make $4m on there $12m investment if they can get an average sell price of 20c. Danger is they will settle for say 20% or $2.4m at an average of 18c or even less.

Time will tell. With volumes around 5-10m shares changing hands daily it could be a 2-3 months of them manipulating things. If volumes were higher then their influence will wane but conversely lower volumes will really stymie any significant rerate.