I personally think it would be naive not to think it will drop...

I personally think it would be naive not to think it will drop back. It’s a fairly significant raise but from what I have heard there was a decent amount applied for from connections of the company (all hearsay and no way to confirm). I also heard the book was filled fairly quickly and may even be some extended brokers not get any allocation. The above combined with the fact it was run by Shaws who are a bigger broker firm means that the holders which got an allocation hopefully are stickier and if other investors who applied either missed out or got scaled back they may look to buy on market. It means any pullback may be short lived as investors now know they are funded for 12 months so this may be the bottom and the last chance to get in at these levels. This is all just speculation and no way knowing.

Also all comes down to newsflow, companies generally save some news for after a CR to flush out any short term investors so if they drop decent news it could get back up to 15c+ very quickly. This raise may also help to provide some liquidity as it was extremely tightly held before and hard to get a position or sell a position.

My personal view is I am just happy a raise is done and out of the way, debt free, cashed up and making inroads in multiple different countries. Management can now focus on contracts rather than penny pinching and dealing with brokers.