This rights issue has given someone with deep pockets the chance to soak up large amounts of stock. Just the volume of rights that have been picked up today (now 435K), if someone tried to buy 435K of FPO stock at market it would drive the price up massively.
In fact there is not even 435K stock on the sell side of the depth right now... It will be interesting to see a revised top 20 after the rights to see who dumped their rights and who is vacuuming up all this stock.
More than 412K shares will get you in the top 20 at the moment so we should be able to see who it is after all is said & done.
Not sure about Fosters... They have already committed 1.25 million of any overhang to Wroxby and with the top 20 holding over 70% I'm not sure they will get their hands on much more than this.
IOH Price at posting:
$1.60 Sentiment: Hold Disclosure: Held