Hi @twothumb,
I'd say that with 400M odd new shares just being let loose on the market it would be rare to see no selling and downward pressure on the SP. I think the rights issue was not fully subsctibed, so I imagine the underwiter would also be selling.
It's hard to detect any other factors suppressing the SP, if so, then there would be a mass exodus at prices below 1.2c.
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