AXM looks like it was held back to lower the exercise price of warrants converting to shares. The formula used includes the price of AXM shares at 180 days after the capital raising at the end of September.
"The Warrants entitle the holders to subscribe for a total of 43.5 million ordinary shares. The exercise price is calculated according to a specified formula based on the time of exercise, an initial exercise price of $0.335 and the price of Apex shares at 180 and 270 days after the date of issue of the Warrant. The exercise price may not in any circumstance be less than 70% ($0.2345) nor more than 100% of the initial exercise price of $0.335. The initial exercise price of $0.335 represents a 15% premium to the 5 day VWAP of the Company’s shares as at 24 September 2008."
