rights issue massively undersubcribed, page-25

the rights was only 1 for 6.

the underwriters got half,leaving them with a one fourteenth of the expanded capital.

not enough to dump and destroy.

arbitragers have had the chance to sell on market and lock in the profit.

the smaller amount of the raising,and the reasonable volume of adx indicates it is 'normal' price movements pre spud that sets the price.

raising money in the bag--but the underwriters could sell down to their cost base which is 15 less oppie value,less the underwriting fees. but that isn't why adx was attractive,the main problem was getting enough of them to be worthwhile to a fund.