$4m is not a large CR so who ever has bought into the placement...

$4m is not a large CR so who ever has bought into the placement will now be fully aware of the blue sky upside.

Do they see more value in quick flip for a few pips or do they see this as a hold for 6 to 9 months for something far greater? I think they will be participating for a hold on CAY as I think that the re-rate to the upside has only just begun.

I believe that shares in CAY are in demand as evidenced by the lack of supply to meet the demand over the past couple of weeks. Current MC of $77m tells me this company remains cheap considering it holds what will prove to be a world class asset.