Ann: VTG announces underwritten DRP, page-10

Pre-DRP announcement the price was ~1.49 (26th Mar), and although I agree that the DRP seems to have shaken the market, part of the 25c reduction was due to the dividend.
Excluding the dividend the reduction is ~18c so significant, but no underwriter would risk shorting a stock to try to profit from a DRP (their risk limits would not allow them to do it to start with, but more importantly, they would not risk the client blowback).

Think about it, best case scenario is ~25c per share for 5m shares which is ~1.25m......the y are probably making 0.25m as fees for the underwriting alone, so why would they risk that business with other clients.

I just think as has been with VTG, it's a mgmt communication issue.....firstly not warning anyone on the DRP, and 2nd not articulating what the aspiration for CC looks like short/long term.