Micky - what's hard to understand.I would think their formula...

Micky - what's hard to understand.

I would think their formula would be:

a) derive a fee from the placement;
b) profit from shorting (and cover the naked shares by the guaranteed placement to instos);
c) if the allocation goes to private investors with margin accounts - well yippee, more loaned shares to short with
d) keep the shares depressed under the public rights issue so they can get an allocation of these shares at a depressed level (also probably earn a fee for making up the shortfall)
e) start ramping, & gain a stag profit from the shares you've picked up at the artificial low price.

Unfortunately, the POG seems to be moving against them but I've got my order in for 38c - I don't think they'll let this go without a fight.