The C/R, to my mind, was poorly timed. Given the extremely difficult markets prevailing at the moment, it was always a risk that those subscribers to the offering would have been looking for a quick return. I certainly don't know who actually finished up as successful tenderers, however, you can bet your bottom dollar that there were a lot of second-rate hedge funds who clamoured for stock in the belief that they may have made a quick "turn" Now that the stock is below the issue price, those guys looking for that quick return are exiting. Who knows how long this exodus will last. If Ken et al aren't closely questioning the brokers to the issue, they should be! Not the best run raising by a long chalk!!
NEN Price at posting:
28.5¢ Sentiment: LT Buy Disclosure: Held
