If it was them selling yesterday, at mostly around 30c/32c - (which would still represent a 20% profit from the 25c issue price in just a matter of days...) then its very disingenuous if their price target was indeed 40c. What changed between the report release date and now?
Ultimately we don't know yet if it was them unloading and the dumping appears to have stopped today.
The other factor is the general dilution and it could be others taking profit, especially if a holder who purchased above 25c was frustrated at the institutional placement and concerned that they might not get as good a deal when the retail offer is announced. In this instance anything above 25c might have been a good sell for them?
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