Placement announcement issued 9:48 am (7:48 pm Sunday NY time)...

Placement announcement issued 9:48 am (7:48 pm Sunday NY time) and closed @6 pm (4 am Mon NY time)
US institutions were effectively shut out of the placement.
Was it retribution for BOA/ML shenanigans over the past couple of years?
8M turnover yesterday was likely US institutions stampeding out in reaction to their dilution.
The limitless bid @$1.50 points to the covert existence of an SPP lead broker.
Doubtful US regulators would have permitted this type of manoeuvre.

What happens next?

$46M is sufficient to extinguish the existing debt and accumulated interest.
Took KCN $32M to refurbish and recommission Plant 2.
Plant 1 being of an older vintage will require much more. $50M perhaps?
That's where I suspect the placement was a trailer and the main event is the SPP
Barrenjoey has demonstrated acumen to move the SP at will.
Bar a glitch at triple witching after hours trading when Van Eck got the better of them.
Will they move it back up to $2 and entice retail to fully subscribe?
KCN has left the matter of oversubscription open and subject to board discretion.
Notice how they have banned overseas investors and post- announcement retail sellers from the SPP?
That should throttle the sell side once US insto sell off subsides this week.
Far from being a spur of the moment decision the offer has all the indications of being an elaborately planned operation.