Because they really wanted to lock the cash in and this was the...

Because they really wanted to lock the cash in and this was the only way - They even asked for a waiver so that the 15% raised without shareholder approval was based upon the shares raised now was to get more into the SOPH's market.

Go back to 2015 The non-accelerated process took from mid-August to late September. The share had trading volumes prior to the deals of around 45,000 to 65,000 in early October the volumes started hitting the boards and the volumes were upwards of 300k and on one day was above 2 million it started to push the share price down to the rights issue price which was 53c. Prior to the deals in Mid August the price was stable on low volumes north of 70c.

Its been a topic a few times on this forum and was a topic of a long discussion I had with MS in late 2015. I had raised with him previously how unhappy we were with what had happened earlier in that a Fund decided to exit and just pushed the share price downwards without any bottom or reference to value they just wanted out. At a time when this seasonality first started showing up. I don't believe that the market is perfect at this end and I think that it becomes a wall of worry trying to climb up the cliff and it even affects the acquisitions as issuing shares becomes expensive. You are effectively stealing from existing shareholders if you cannot get a fair value for them.

In my opinion, this company has never had enough time for consolidation and thereby get a fair valuation by the market. Look at the volumes today and tell me how 6 million shares get to be sold. I suspect it's being sold to people who were prepared to bid in the placement and the broker is offloading some of the people who have shared in the placement and have a lower net cost than 72.5c. They are sucking up demand now and its impact will be to reduce demand later...

You cannot raise this large amount relative to market cap and not have an overhang of some degree. The oversubscriptions limiting is probably because the brokers have had to provide some degree of expectation that sub-underwriters will get some and the company not wanting to create a market whereby people think they will be able to sell the new shares at a quick profit. The real situation that has me a little bit miffed is that I think this CR has, in fact, capped my share price to in the 70's. I am less than happy with that as that is close to the yearly lows... Am I better off - I am not that sure...