Peace - I know you think they were just left holding the bag on this but as I have said before this was the most under promoted Rights issue in the history of the ASX!! (Ok I am prone to exaggerate). It's up to the company to promote the rights issue not the underwriter - especially if the underwriter actually wants all they can get in the shortfall.
The delays in the CR were apparently because of ASIC and the reason would have been because ASIC don't like letting people take control of companies by stealth - as is the case in underwriting a rights issue.
The selling of 5m was exactly because of the 20% limit prior to the raising but after the raising they were permitted to go through it - now they can only buy every 3 or 6 months under the creep rule.
PYC Price at posting:
2.5¢ Sentiment: LT Buy Disclosure: Held
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