Not sure about the terms of the bookbuild. To my reading, as no one in their right mind was going to take up their rights at 45c, the underwriter (Canaacord) is now stuck with $4 million worth of shares being the rights to retail investors. This in turn has created an overhang of circa 9 million shares which Canaacord probably don't want on their books. It is highly likely Canaacord are the sellers. As I write this, just under 9 million shares through today. I think the overhang is nearly gone. I note Canaacord recently wrote research on this company with a PT of 66c
E88 Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
