Perhaps I'm being overly cynical but if the speculation on this...

Perhaps I'm being overly cynical but if the speculation on this thread is correct here's how the time line may be going:-

Senior management miss out on generous "performance" share grant at $1.00 because of shreholder vote. Done

Release poorly worded half way trial results which while factually correct put them in the worse light possible. Done

Share price has steep correction and announce highly dilutive rights issue with sub underwriter out clause. Done

Disgruntled share holders call meeting to oust some directors but company delays meeting until final possible date on November 7. Done

Directors and senior management take up at least their pro rata entitlements. ??? (p35 prospectus: shareholder approval required if directors take any shortfall above their pro rata)

New broker has good links into Asian based investors and can still place short fall even in this mkt. Therefor waives right to pull out under section 12.8 of prospectus. ???

Company presents final results to Novo (as speculated above) and to the market post rights issue close but pre vote against directors. ???

Either this or Novo actually exercising their option sees share price increase significantly. ???

Shareholders feel much better by time of vote and directors keep positions and potentially get post approval to participate in shortfall. ???

Just speculation but at this stage nothing would surprise CBio shareholders.

As a final note I assume the company would need to inform the market if further 24 week results were either better or worse than that presented in the prospectus. Which does raise the question; if the earlier post is correct about the October 15 presentation to Novo has all price sensitive information been disclosed or will be by Friday? And if the broker had terminated its underwriting then this would also need to be disclosed.

All in MHO, DYOR etc etc.