Ann: Results of Meeting, page-25

Im just theorising here - on the basis of all that I know or have read - and what was said at the AGM.

From what I picked up, the NHS news, although expected, was possibly a surprise as to when it actually arrived. It had been delayed by five months apparently, and it appears they were "hanging out" for its arrival. They were working on it for 12 months, so would have known in June (last raising) that they had a good chance of getting it. I guess they had hoped it would come, the SP would take a step level up on the back of it, and they could then raise at higher than 9.5c.  

When it didnt arise and funds got low, they decided to go for the CR. Part way through organising it, and bang, the NHS contract arrives - which of course had to be announced immediately to market. So I doubt the opportunity to "announce them together" was actually available. 

From there it just turned very messy. "Market machinations".

If you watched the pre-auction on Wednesday you would have noticed the match price creeping up as we approached open. ... 9.1c, 9.2c, 9.3c ...I saw it get to 9.5c - then bang, we opened at 12c. wtf? The only possibility is that very very close to the open one massive buy was placed at 12c. Ive heard it was for 10m shares! Given that was higher than most people would have thought "reasonable", I suspect mant holders, including long termers and true believers,  decided to take some profits. From there you get a cascading effect.

GIven the CR is now done. Money raised. Oversubscribed. My expectation is that within a short time after opening the SP will rebound significantly, and once that starts, you will get the opposite effect to Thursday/Friday.

Here's why ....

• Only $5m was raised.
• Present holders would have been prioritised. A lot must have missed out.
• 7.5c (raising) or 7.8c (last close) are way too low with the NHS news out there. No way did funds or bigger investors get time to buy on market based on this news. JM confirmed at the AGM that Nuheara are expecting a large share of the £34.5m pounds. 
• JM indicated at the AGM that the OEM deal is much closer now with the "visitors from overseas at Nothbridge recently".

@nevd - there's a bit more there than I intended - but was trying to point out why "the ideal" way of playing it may not have been possible.