The SP chart is easily explained by the CR and provides no...

The SP chart is easily explained by the CR and provides no further insights that I can see. The SP simply fell as a result of the SPP offer price of 3.7c, and is now tethered to it at a discount equal to the anticipated market value of the attached options post CR. Hence the current narrow trading range, which of course has now been extended (by a further 11 trading days).

The important question ATM is whether the SP is being held down or held up. I believe it is being held down, which was strongly indicated by the short-lived recovery back to 3.7c on Monday.

The SPP price can be expected to continue exerting an anchoring bias immediately post CR, which means the SP should move back to circa 3.7c as soon as buyers no longer have the choice between shares on market, or the SPP (starting from a day or two before the offer closes, when funds transfers may no longer arrive on time). This is what seems to have happened on Monday before the SPP extension was announced on Tuesday, and spoiled the party. So we can expect the SP to rise once more to 3.7c, leading up to the new closing date of 28 March (this scenario of course assumes no other major announcements).

Looking further ahead we will have a SP resistance/anchoring point of 4.6c for the next 11 months, set by the option exercise price. During this period investors will be able to look to the market price of the options for sentiment guidance regarding the shares. If the recent business momentum continues, there is every reason to expect the SP to again break above 4.6c long before the options expire.

If that happens, obviously most options will be exercised, with the piggyback options then replacing them at an exercise price of 6c. If investors start exercising the first options long before expiry date, then we could get an overlap period when both the 4.6c options and 6c piggyback options are traded on the market simultaneously.

Exciting times ahead.

All IMO.