In the past two days including today, a total of 45 million PNA...

In the past two days including today, a total of 45 million PNA shares have been traded.

100 million shares were placed without entitlement. So assuming that the majority of the shares were sold by the instos benefiting from the 100 m largesse, roughly 40% of that could have been knocked off in the past two days.

With each passing day, the dilution due to this 100 million placement becomes less significant...

With the two for nine entitlement, the par value of each share post raising is ((39.5 x 9)+(2 x 28))/11 = 37.41c.

So the SP is still in the money in spite of the 100 million placement.