twenty one mill at twenty eight, page-18

Underwriters get paid hefty fees and often up to 5% of the issue price for a stock as small as this.

As part of this they sometimes are meant to stabilise the price. They especially have to support the price during the retail offer otherwise they will be left owning the stock retail investors did not want.

It is therefore the underwriters supporting the price. My dead-reckoning is that 1200m odd shares have already been sold to instos and the volumes since the issue have been around 700m. This would suggest the selling may dry up soon unless the hedge funds are involved. Does anyone disagree?