vcr placement at $2.25 ($34m), page-3

wigram, if you look at what happens in similar circumstances when companies issue shares, the price does trend down towards the issue price of the new shares. It is rare however for it to fall below the level of the issue price unless other bad news is released.

In the case of VCR, it is clear that there will now be a significant fall in the share price at least for a while, but I do not for a moment believe that we will see sub $2.00 as you so confidently predict.

In fact, my view is that if more and more patients are successfully treated, and world markets continue to hold up, then the share price will recover.

If not, all bets are off.....