You're right, an announcement of flows would see a significant lift in the share price.
However, looking at the games that are being played here, I'm not 100% that all of the good news will be announced before the share issue. If the conspiracy theories are true, and the underwriter is in fact a friendly buyer in disguise, MAE directors may choose to be selective with the release of good news so that the underwriter can pick up more shares.
In that situtation, the identity of the underwriter becomes even more important. If the underwriter has a good reputation, I will assume that good news is waiting in the wings - in that case, I will take up my rights even in the absence of actual news regarding gas flows.
MAE Price at posting:
12.5¢ Sentiment: None Disclosure: Held
