It defo could be some placement shares, but I'd say given the...

It defo could be some placement shares, but I'd say given the large placement was massively oversubscribed (over $10m bids in a couple of hours for a $3.6m raise) today's relatively small sell-down could also just be retailers selling their current holdings to participate in the SPP after listening to the preso this morn. Not everyone wants to increase their holdings, but no doubt any current holders would be willing to swap their existing holdings for one which includes 12c options, particularly at a discount to current market price. Also as above, some people may be waiting for the price to settle before buying in - seems to be no major rush as results are not due just yet.
I'm personally not too fussed what the price does over the next few weeks. I kinda hope they close the offer early.