Could also be that some of the investors from the placement...

Could also be that some of the investors from the placement decided to sell heads and keep options only, which would provide for a greater overall percentage return.

Market is illiquid in this, so any meaningful sale / purchase moves the price significantly.

Also half yearly accounts were not explained as to how they reconcile to quarterlies and current run rate, so potentially people are on the sidelines awaiting the March quarterly to decipher current costs etc.

A rerate is a given.