Ann: Results of Retail Entitlement Offer, page-8

asf in this case though there is a concern that the underwriters and/or sub underwriters have also been shorting the stock to push it down below the 94c so that they can take up as much of the retail entitlement as possible in order to close their huge short position without having to buy on market which would push the price back up and reduce the profits on their short trade. If that's the case, they won't be left 'holding the bag', the opposite, they would have used the cap raising to close out a very profitable trade which they had forewarning of and a trade which they opened mostly prior to the cap raising (being the underwriters, when the market didn't know about planned cap raising).

This may not be correct (we'll find out soon enough) but it certainly doesn't look good. The largest short institution on a stock shouldn't (in my opinion) be allowed to act as underwriters. There is a clear conflict of interest. Management have some questions to answer on this as well as they chose the underwriters.

I've bought plenty below the 94c. Was light trade on the open this morning. Then a 2m share cross trade went through at 87.5 cents. Woah another 1m cross trade just went through at 87.5 cents. Games are still playing out on this one and probably will for the next week or so.