I agree that the placement deal for retail holders is...

I agree that the placement deal for retail holders is disappointing. I imagine it will be well subscribed, but does seem (to me) like more of a sop so people don't raise too much of a fuss about the dilution issue. You'd not be happy if you'd just bought up big on Friday.

I'm interested at how they arrived at the $27 figure, what calculations were involved in that, and what, if anything, it says about their expectations for the SP on the back of the news. It will be interesting if this pushes NCM into a new trading range.