Ann: Rejection of NBIO, page-25

I really don't know what to make of it. Normally I would think ok the underwriters are suppressing the price until after the CR so there is minimal retail participation & they'll get the whole lot at 10c & make a big profit if and when a T/O is announced.
Also those who are attempting the T/O don't really care as the lower the SP the more likely retail holders will accept a lower price.
However it's an interesting game if they are genuine about a T/O, if they started buying on market those that are suppressing the SP (IMO) would lose out because they would be selling their (owned or borrowed shares) cheap.
In short it's a total mind F I haven't got a clue what's going on because none of it makes any sense.
One thing I'm not doing is selling but I may well buy more at 10c but not until the last possible moment