I'm surprised the share price has held up so well, still 10%...

I'm surprised the share price has held up so well, still 10% above the raising price (excluding the value of the attached options)
When the value of the options is considered, the raising is effectively done slightly below 12c.

The raising is huge, resulting in a total increase of the number of shares on issue by 52%. Plus new options equal to 26% of the existing shares on issue.

Tranche 1 of the placement shares are issued on 14 May, but shares are not trading ex-entitlement until 17 May. Thus the buyers of tranche 1 shares also participate in the entitlement issue.

So on Monday 17 May, anyone who got shares with attached options at 12c in tranche 1 will also have the right to buy more shares with more attached options at 12c. I'm expecting some quick profit taking on Monday if the share price is still above 12c.

Overall a very disappointing investment which offered so much from signed agreements just over a year ago, with still no explaination of what went wrong. The Covid excuse doesnt look reasonable when looking at the sales which SOM maintained during the period.