Ann: Underwritten Share Purchase Plan to raise AUD $2.5 million, page-40

There might be a tug of war. Those who want more shares might try pushing down the price. Those who want less dilution might try pushing it up.

But with a maximum application of $30,000 there's not a lot of incentive to push hard (i.e. trade a lot of shares) to shove the price around. If you could get the VWAP down to 2.5c (for example) the new shares would be assigned at a price of 2.0c and you would get 1.5 million shares. If the share price then rebounded to its current value (quite unlikely, especially as there's a top-up placement coming immediately after the SPP) of 3.2c then you could sell them for a profit of $18,000.

It seems like a pretty small return compared to what a trader could expect to make on a heavily traded resource stock (for example) in a day.

I know you didn't ask me, but hey... public forum...!