I may be wrong - have been wrong plenty of times in the past but...

I may be wrong - have been wrong plenty of times in the past but surely the 39.5/40.0 cent support should hold. ie I reckon 39.5 is great buying.

1. The instos were happy to buy in at 40 cents for the initial book build, so unless the fundamentals have changed in last couple of weeks then presumably there is good interest at that level from them
2. Retail holders (that were going to take up their entitlement) for the next few days have every incentive to buy in at sub 40 cents for the reason pointed out above.
3. Assuming 47.5 was the market price pre SPP, with 30% dilution the equivalent market price should now be 0.458

The only counter argument I havent considered above is the general sentiment on energy stocks in the last few days with them all being hammered somewhat. As usual all depends on the timeframe you work to but for me i will be looking to buy my allotment for less than 40 cents because I was going to buy them anyway at 40 cents. Any discount is a bonus to me. If we see a further dip to the 38 cent support (I see that as the next level down) I really dont care as it is my view we will see a bounce back to mid 40s before the month ends. Might be wrong but my sentiment anyway.