KLJPC - I agree with that. There will be some competing forces...

KLJPC - I agree with that. There will be some competing forces heading into the end of retail period. Issuers/underwriters will want the price higher, to get retail side taking up rights. The arb guys will do what suits them, which does not take into account effects on retail and will work towards keeping it down, so they can compete in the retail book build for those rights not subscribed.

My guess is the insto's responsible for issuing/underwriting will have some egg on their face, and will try to get this price up once they have dumped the stock they are currently stuck with.

No matter what, one thing for sure is this isn't staying down here long term. Stock will be volatile, but I don't expect to see much trade below A$3.85. Best guess (it really is a guess), is we will see wild swings from this level to A$4.50 in next few weeks before the volatility eases and the stock finds a level that the fundamental guys are happy with.

For compliance: I bought @ A$3.90 this morning, and will sell my rights. Waiting for some upside before selling the rights, but for now with the rights price at about A$0.30, my purchase price is A$3.60, so better than subscribing for the shares (even if I could).