IVZ Share Price, page-5124

I never said 15c but expected strong headwinds, 1:1 oppie raises are a big no-no. It's mind boggling why Scott didn't take the $30-40m on offer at 20c raise in May with 2:1. Way less overhang and would've churned through by now with a strong run into spud.

For example, LCT raised at 0.0085 with 1:1 free oppies and the SP subsequently dropped to 0.004 (It's recovered now but took few months to churn). HRZ raised with 1:1 at 9c in June and subsequently fell to 6.9c. Many other examples but those two off the top of my head. 1:1 raises always fall below the placement price because of the attributable value to the free oppies by the investor.

It's investor mentality, if you're given 1:1 free oppies, you're going to de-risk your capital and retain the oppies for free exposure. Sophs don't become sophs without being protective of capital.

It's impossible to know the break-down of who is selling. I would not attribute it entirely to "placement recipients holding existing stock" because as I've previously shown with the broker data, lots of them sold post May raise.

I wouldn't eliminate the possibility that some in the Top 20 are deleveraging ahead of the placement stock hitting the market tomorrow. Would be nice to have an updated Top20 - Scott should provide one if requested via email?

The positive here is we've seen strong volumes and there are eager buyers on the side keen for a punt. Hopefully the churn will be quicker than other examples which are not leading into two binary events that have the potential for multi-bags.