I have been watching this close and there is quite a few trying to get out of the FPO's at this level. Although the volume is low, the buying support at this level has been better than I expected.
I believe their may be a few trying to sell their existing holding before the new shares convert. It cannot be for raising capital as the new shares have been paid for, so it must purely be for a quick profit.
It is a nice little profit, 41c - 56c (abouts), and as I said I am impressed with the buyers. I agree with you that there will be further sell off in the new year, but as for hitting the 40c mark (well low 40's), my confidence in that not happenning is growing by the day.
Interested in your thoughts, and any others, on the trading over the past week or so...
Cheers
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