So by dropping the share price so near to the SPP closing, not...

So by dropping the share price so near to the SPP closing, not only does it dissuade holders from participating, but it is likely many of those holders also recently reduced their holdings - selling shares in the 45-47 cent range to participate at 44 cents. But now they would be questioning if participating is actually a good idea.

So the overall outcome...less dilution (shareholders do not participate in the SPP) and decreased holdings for many; creating a demand deficit (those that sold at 45-47 cents don't buy back in at 44 cents) increasing benefit to larger holders (12 insto's & co who want to ramp this post SPP - lets say when IC and debt facility is announced). If the share price increases post SPP - no doubt those same holders that sold at 45-47 cents and did not participate in the SPP will be looking to get back their position and those larger holders will capitalize on this demand deficit at a much higher price point...interesting theory! Thankfully I did not sell any in the 45-47 cents range because I did not want to re-set the CGT clock on any of my holdings...

I have no idea if any of this is correct - just trying to rationaise share price movement but perhaps it is all just random...I doubt it.