scenario...

London group requests "placement" while stock is 37c...

Get the typical discount offer of 31.4c.

Of a promissed 11m share transaction, the issue the documentation for the first tranche of 1.5m shares.

With this in hand, stock is borrowed, perhaps some short-sold in the knowledge they will get 11m shares near term...and a basic rout is subsequently "generated" to knock the price down.

This "group" still 9.5m shares to go in the "placement" dutifully choose to renegotiate the parameters of the original placement...the argument of course, the stock has fallen!

All looks hunky-dory...a job well done...until Smyth says; "no, we are not desperate for you or your money right now, as such the placement price stands...and if you want to pick up cheaper stock, simply buy it on market!"

Next step, they are forced to buy back the stock sold at price much higher than their average sell given they will get no relief via a cheaper placement price.

lol...it was a job well done, but by Smyth, not them!

Cheers!