Guys I know this has been a little confusing but some of your statements are really unhelpful.
To suggest people are going to take 10% is just plain silly - they have been able to all along - the people who bought this already owned shares - thats what 87% of a rights issue does.
To suggest the underwriter would also dump is also pretty silly - they are the largest shareholder - who in some round about way just got paid in shares if you figure the shortfall is about equal to fee they were supposed to get.
Pretty good outcome all around IMHO - the (our) company has the money, all existing shareholders got a bite at the cherry and the underwriter (who also has the most at stake) got paid in shares.
Now lets wait to see it all confirmed and then get on with business and hopefully a share price back in the 2-5c range.
PYC Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
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