It’s not often I feel the need to come to the defense of Regal,...

It’s not often I feel the need to come to the defense of Regal, however it’s worth noting that they had been a longer term holder, well before the rather larger placement that took place at 36c many moons ago. They also topped up in that placement to go substantial and were one of a handful of investors that were prepared to cut a cheque to the company last December when the company was well and truely up the creek without a paddle.

If you look at the annual report from last year they held 18mil shares and if we assume they had an average price of ~25c for 20mil shares + 80mil that were issued via the convertible note at 1c, it would of given them a average price if 5.6c. So no quick win for Regal here, just a long and painful position like many of the longer term holders they have finally chooses to exit and be done with (apart from the free options).

Fortunately for existing shareholders there was good demand on the buy side to absorb the liquidation at not too much of a discount t and its before (hopefully) more substantial news is delivered.