Most of the sells today and probably of late are Paterson clients that under wrote 30 cent placement.
i think from memory there was 3.5/4 million shortfall, hence why there is always a line to sell at 30 cents.
Bear in mind underwriters do get a % fee for underwriting the shortfall, so they are still in front if they offload at 30cents.
This overhang is almost done imo.
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