Interesting that we again closed below the offer price for the...

Interesting that we again closed below the offer price for the rights issue, if this happens a third time Pacific Energy can get out of underwriting the issue, this leads me to think

a/ the board do not support the issue
b/ the board have not read the prospectus
c/ the board has an assurance from Pacific Energy that they will support the issue even at .001
d/ vested interests want Panax to become insolvent (due to over 3M sold at .001)

Your thoughts?