It baffles me. Used to professionall trade at the top end of the market. Say a 1 for 10 rights offer at $1 on a big boy stock trading $1.50 it would go to about $1.45 or just under - Insto's working out the mkt cap vs dilution. It amazes me at this end of the market, they just go to the entitlement/rights price. In the long run its invariably a buying opportunity, though it shouldn't be under efficient mkt theory/common sense.
I killed it on Ocobre and Galaxy buying on secondary mkt with the suppressed prices on a similar final offers/raises for them, only to rally ridiculously subsequently on a merger years ago - they were also some of the most shorted stocks of the time though, got lucky with a perfect storm as shorts scrambled to cover.
ASM Price at posting:
$1.01 Sentiment: Buy Disclosure: Held
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