Around 67% scaleback on allocations so demand for stock was very stong. Don't think there will be much arbitrage on this one so expect stock price to settle around $2.35. There may have been some pre placement arbitrage with some holders anticipating a placement - hence the recent stock weakness. One point I raised was paying a dividend so soon after a cap raising - not great captial management in my opinion. To be fair a dividend was promised in the prospectus, they can make it a small dividend and has the option of implenting a dividend re investment plan.
