The only possible positive I can see is the ex date being 29th...

The only possible positive I can see is the ex date being 29th July - this gives a new larger shareholder an opportunity to soak up some shares until close of trade tomorrow then participate in the offering at lower as well. If the directors have been smart they would have already been talking to a fund or larger sophisticated investor(s) to do this. We would need to see that million line at 4.1c wiped tomorrow plus some at higher levels than this to be convinced this is going to happen - any investor would need to be confident APC has a future as well. If the company has been lazy and not scouted anyone to do this then it is going to be very tough going - especially without an underwriter as a security blanket ! E .