Pretty much folows the same pattern each time, which I find...

Pretty much folows the same pattern each time, which I find curious. It isn't as though the shares are given away for free - there is hard cash in the bank which offsets the dilution (well, at least on day one!). All other things being equal, the SP negative impact should be the $ equivalent of the discount plus the costs of doing the CR. 250m shares x .006 + Morgans' fees. The rest is negated by the cash in the bank.

Of course that it never pans out like that, especially here. Punters on POS don't value $1 in the bank as $1 - it does tend to get spent pretty quickly.