two things to consider...
Would insto investors throw money at this (like they will) on a gamble that the approval isn't imminent?
secondly,
Why would insto investors want to participate in a CR after drilling approval at a premium (10-20c +).. behind the scenes there would already be big money being offered (perhaps from American instos) but they would want to get in at a discount, hence the 7.5c offering.
The timing on this CR is very much on purpose, and I would actually be surprised if the SP fell when trading resumes, as many of us will see this as a de-risking CR and I personally will be topping up if there is a dip. DYOR etc
Ann: Trading Halt, page-67
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