Ann: Successful Placement to Raise A$9.9M, page-7

it was successful because one group of investors (placementees) were given shares and options at a discount big enough to ensure they could sell to another group of investors (retail) for a quick profit and at worst breakeven, then subsequently retain risk free exposure to any upside via the low ball priced options.

That in a nutshell is the 88E business plan, where funding for salaries and an annual dice roll benefit the board/ management, and a few disciplined traders.

Just an observation, not complaining. Its the business plan of many pure specs.