This was a placement, not a raising, so they had full takeup before announcing anything. The raising was at an an effective discount of 1-(3*5.3/(3*5.7+2*2.7)) or about 30% (taking the PYCOA into account), so the selling down is probably people just taking profits immediately.
I'm increasingly unhappy about the way Phylogica raises capital. For such a small sum, and with such a generous discount, I don't see why an underwritten (preferably renounceable) rights issue wouldn't have been possible. They've done that once before in a raising - I remember getting a cheque for the rights I didn't exercise.
PYC Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)