Unfortunately I think you’ll find the instos and sophs also...

Unfortunately I think you’ll find the instos and sophs also benefit from the massacred share price. They receive their allocation at the lower of 8.4c or 2.5% discount to 5 day vwap leading into SPP close, just as retail will. The lower it goes, the more shares, and free options they receive.

I admire the optimism of TB and some of the other mainstays in these threads, but PH quoting a 6.5% dilution at X market cap is no longer valid as we see the MC deteriorating rapidly.

Right now there seems every incentive to sell down the SP, and none to bid it up. Potentially the most fatally flawed CR structure in recent history. Hard to believe no one involved in structuring it foresaw it playing out exactly as we’re witnessing. Or maybe they did.. & conveniently managed to sell before the TH.

GLTAH