all the talk about 2.50 and rights, page-3

So Legume SP is dropping because
1) Day traders selling cheap
2) Banks selling cheap
3) Hedge funds selling cheap
And they are all selling cheap because?
1) They got too many shares
2) They are cashing in to buy in again at 2.50 with free option?
3)?
Any one out there with a "sensible" or reasonable guess?
Any thing other than the dogs breakfast above