I think the instos want the cap raise to be successful, so will buy some to keep the SP up until the close of the offer - then will let nature take its course. I believe that a lot of the buy orders at 13 and 13.5c are insto and other traders buy orders to close out their short positions (and this is insurance for some sub underwriters), and also has the effect of providing comfort to anybody who takes up the offer.
Even though Lazard are very confident, I think this one should trade at about 5 times the predicted 2012 earnings until there is some sign that the profits will be realised (and not just revenues and contracts - which could be misleading in the current competitive climate), especially with such an overhang of shares expected. 11 cents is my valuation ATM.
I may be wrong - we'll see what happens.
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