The offer was underwritten so the shares were going to be taken...

The offer was underwritten so the shares were going to be taken up.

Only 4m shares were bought by 79 retail applications. That is understandable given the offer price of 7.5c and the current market price of approx 4c. I'm surprised it was that many and I don't know why anyone would buy at that price when you can most likely get them at 4c on market. Maybe they were gambling that the on market price would soar the day applications closed or in the timeframe after that but before the allocation arrived.

The problem is that 207m went to underwriters and they can sometimes be brutal in these circumstances and take a loss themelves and chuck them onto the market and cause the price to drop even further. Obviously we'll see from Tuesday whether that happens.