Credit Suisse Nominees likely took up an allocation thinking they can flip it for a quick 10-20%. The stock was trading around 10cents when the placement was announced. Once the stock became more illiquid (trading volume below 3-4m) they just triggered a stop loss.
Funds can sell based on Stop-Loss, decrease in liquidity or even announcements (ASX enquiry on solvency). A lot of it is more algorithmic based.
Credit Suisse Nominees likely took up an allocation thinking...
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8.1¢ |
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Mkt cap ! $21.75M | |||
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