I guess the question should be, why did the SP run on no news?...

I guess the question should be, why did the SP run on no news? Was it as Hajda2 has said, a pump and dump for insiders. It is true that many of Pete's mates exercised the rights issue stock at the time of the first payment; did they know there would be an opportunity to offload
and pick up more shortfall stock through Max Capital?

While the rights issue might have been seen as an opportunity to make some easy money by those in the know, it doesn't mean the project is not progressing.

The other reason for the run in the SP might be due to
anticipated news from AOC which hasn't eventuate....yet!