Some of the larger individual shareholders may have seen an...

Some of the larger individual shareholders may have seen an advantage in selling some of their holding at the 40 cent level around a week ago, and replacing them with shares obtained through the SPP at a 15% discount to the VWAP over the following 5 days.

That would have resulted in a quick 15% profit at least, and more if the share price was driven down over that 5 day period (as could be reasonably expected) to make the SPP shares even cheaper.

Assuming those same individuals still believe in the VLA story, then some may well have decided to spend that profit by buying additional shares in VLA over the next few days, effectively increasing their holding by around 15% for free.

Given the above scenario, I would hope to see a reasonably quick recovery in the share price back up to the 40-41 cent level at least, despite the dilutionary effect of the new shares. The VLA story still looks very attractive to me.

Regards,
Bones