It should be noted that management wouldn't have designed the...

It should be noted that management wouldn't have designed the capital raising. The structure of the CR would have been recommended by Paterson's and accepted by management. So the 2 tranche's plus the SPP at 1.8c a share (1.67c a share equivalent with the attaching free option) at a 27% discount to the VWAP of 2.2c at the time of the CR was in fact a creation of Paterson's and their reasoning's would have included having the price at such a discount to encourage and obtain interest in the CR to raise the required funds as well as for them to underwrite the SPP.

Many didn't want to raise so much money in one hit at such a large discount and now that wish has been granted. I assume Teva is still fresh in their minds and this is why they wanted enough funds to carry through into 2014.

In relation to trades over the last few days, about a third are coming back on a tick or two higher so it's going to require a fair bit of momentum and interest to move higher, especially through the 1.8c area imo.