RAC - Charts & Price Action, page-325

Yes, if a formerly patient sub holder suddenly becomes impatient, the SP will be trashed when they dump. That's an opportunity for anyone having a contrary FA view.

Re RAC trading after the Sheba results, IMO some degree of profit taking when the SP has already 8-bagged is a rational portfolio adjustment response, and can't be described as impatience.

My main point is that minimising dilution depends 100% on setting the highest achievable raising price. It doesn't matter who initially takes up the new issue; the shares issued will find their way into more stable hands, even if many or even most investors are impatient.