@The Chook, Absolutely. For an oversubscribed raise, you'd be pretty silly flipping your recently acquired 11.5c share for... 11.5c.
I feel like a lot of today's selling is from a combination of harvesting tax losses and emotions.
Supply will likely dry up as the tax incentive's removed and investors start looking forward to utilise the capital gains discount in 12 months time, which coincidentally, lines up with the scheduled production date.
The next few days will be interesting.
Ann: $16m Placement and $10m non-renounceable entitlement offer, page-73
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