I’d calc that about the first 6c is just the dilution factor...

I’d calc that about the first 6c is just the dilution factor (ie. the gain we make on the $3.40 rights issue) but down an additional 20c currently certainly doesn’t appear to be a ringing endorsement so far.

But... IMF is still ~8% ahead of the All Ords over the last month and about 11% ahead over past 3 months, so maybe some just taking a breather whilst they assess the long term opportunity vs the short term execution risks? Or insto’s churning for a quick stag profit?

Note, given the price paid there won’t be any short term sugar hit to earnings - this is a medium/long term play.