just received a phone call from lyc, page-8

A phone survey is probably done by the underwriter (UW) and could be used to determine the best direction to move the pre-averaging share price (well post-averaging in LYC case).

If big uptake, UW will buy up...move the price up so get least dilution (as UW won't get many shares due to big uptake) and then sell off.

If low uptake expected, UW pushes the SP down to maximise dilution and pick up as many shares as possible. Then push SP up and sell off.

Question is ...is the present static SP due to buying up, for a future push up in SP, or is it churning to sell off, with the aim to drop the SP.

If the take up is expected to be low and I were the UW I'd be selling off at as high a SP possible, with a post close aim to push the SP down to maximise the number of shares before pushing the SP up (plenty of LYC retailers would jump into a SP rise only to willingly).

And where is the FA in all this,... ummmm... none at present. So I don't know why people are making company performance assessments.