Because now there is no (or a greatly reduced) risk of (a)...

Because now there is no (or a greatly reduced) risk of (a) further dilution, and (b), the usual dumping on market of discounted stock that follows a cap raising of this kind.

If I was going to drop $2m on a share, the last thing I'd want to happen would be a flogging at the hands of traders offloading discounted shares. Now this punter knows exactly where he/she stands prior to the US listing, and how his/her investment value stacks up against a stable register.

My punt is that an Insto, possibly one of the U-funds that we saw earlier, has been waiting in the wings to continue buying. As the only way to buy a meaningful position has been to buy oppies, any big buyer was really putting their lychees on the line, as its been worse than an each way bet, that the options would ever be in the money.