Having an underwritten offer doesn't mean take-up will necessarily be any higher. It simply guarantees the funds will be raised, and at this end of the market they'd have been paying 6%+ in u/w fees. Then, in the event the underwriter gets hit and has to take up the shares, they just dump them on market or sit there on the register waiting for an exit, putting a cap on the share price in the interim.
I agree that the timing may have been opportunistic, but at the end of the day all shareholders had the right to decide whether or not to participate, and $5.5m of holders chose to. I'm just glad we can fully fund the Onyx trial.
I don't think we'll see any real sp appreciation in the near term, and if that pushes those with a shorter investment horizon to exit then the sp will continue to slide. I'm going to try and average down, but the trading has been all over the place. My IRESS shows all the volume as Chi-X with stacked bids/asks, propping up demand and walking investors up 0.1 at a time, before pulling all their bids at the end of the day and suppressing the price. Will be interesting to see what happens from here.
PAB Price at posting:
4.4¢ Sentiment: Buy Disclosure: Held
