Agree. Illiquid, uncertainty around the US election perhaps is a...

Agree. Illiquid, uncertainty around the US election perhaps is a factor, but surprised to see it falling 5% on no news. The capital raising has probably exhausted the buying demand for the stock. Looking by the The true believers that would normally have underpinned the share price have already got their fill of FDV in the insto and retail capital raising. Same thing happened with IOOF.

Now if anyone needs liquidity they have to sell at a discount to the recent capital raise price of $1.25 to attract the marginal buyer.

I came close to pulling the trigger on the capital raise with a chunky purchase under the oversubscription facility, but held off since there was no discount. From a company perspective though, the capital raising was successful because they've raised almost all the money they wanted to, thanks to the oversubscription facility and some diehard retail investors.

Hope next time they do a capital raise they do so with a price that's at a decent discount to the 5 day volume weighted average market price just before the offer close date. That should ensure wider participation in the future. Would be the worst thing if they just keep doing placements and not give loyal retail shareholders the chance to participate and get the same treatment as institutional investors.