The thing to remember too is that there is also a strategy on the table for current holders who believe in the company but also just want to lock in profits, could get the entitlement rights and take them up, then sell the current share holdings on market now. This way basically locking in profit without losing their position, so this could explain a lot of the selling as well. Locking in a 20% profit (2.5 to 3.0) without losing their position. Smart play.
Ann: Renounceable Rights Issue to raise up to $15.8M, page-290
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