Not sure why current price of low 2s would be a worry atm. PLP...

Not sure why current price of low 2s would be a worry atm. PLP closed at 2.9c on 1st June which was the last day shares could be traded with the entitlement to participate in the rights issue. So by doing some "back-of-the-envelope" math and based on 3 new 1c shares for every 5 owned, that 2.9c per share effectively averages down to 2.2c as per breakdown:

Example using ownership of 1000 shares:
PLP share value at 1st June = $29 (2.9c x 1000 shares)
Takeup of Rights Issue = $6 (1.0c x 1000/5 x 3 or additional 600 shares)
Revised PLP share value = $29+6=$35 for 1600 shares which results in averaged-down price of 35/1600 = 2.2c

So yes PLP has dropped to low 2s post-Offer period. But nothing has really changed as pre-Offer breakeven price from high 2s has also come right down (I'm assuming everyone would have taken up the offer). We should really only be worried if price falls way below low 2s. Otherwise allow the usual +/- 15% wriggle room around 2.2c to jostle for better positions but it is just business as usual. The only difference is PLP is now in a stronger position post-Offer. There's $3.7M extra in the bank that wasn't there before plus L-Max now capitalised as an IP asset on the balance sheet.

Interesting to note shares on issue at date of Offer was 612M and now post-Offer another 750M shares have been issued to former Lepidico holders. So PLP now has 1,362M shares @ 2.2c. But rather being affected by dilution, market cap moved to the upside and doubled instead. The theoretical value of the Lepdico / L-Max acquisition is around $16M based on current prices so the market has definitely considered L-Max is of material value. Now the final 367M shares will be added next week once the Offer closes. As all shares must be taken up by shareholders or underwriter, all these new shares I think have already been priced in. Once paperwork is complete next week PLP post-Offer could be sitting on a market cap of around $40M. This should be a good solid base to start grinding north from there.

All the above is IMHO of course - let's see what happens next week when everyone gets their extra shares and dust settles