Then go and read ASX releases. I couldn't be bothered arguing...

Then go and read ASX releases. I couldn't be bothered arguing with those expecting a premium. At this end of the market its usually a small discount. I don't think it should be allowed as said above, but that's finance/ASX/ASIC.

Its hard. Companies need to raise capital, so arguably you can't ban discount raises to attract insto' investors, but unless they are open to ALL professional investors in a clear widespread cap raise, or even more morally acceptably an insto' AND retail offer, I think its a rort for select big private investors to be able to buy-in off market at a discount to the prevailing market - it might be OCC was $0.375 when this was organised, but who knows.

TO buy the stock they did on the secondary market, these lot would have probably pushed the stock up to mid-40's if not 50's. The counter argument to us not getting that delightful rise, is the company actually gets the cash from this and strengthens its balance sheet (at the cost of dilution to us) for the longer term.

I am realistic about this stuff having seen these things hundreds of times in the market. Not the big bio-tech fund / big pharma we were hoping for, but I am fairly ambivalent about this one. If I am circumspect, the small positive of informed professionals and a small bio-tech buying in at the end of the day....but a big "meh".