why pay 3.7c, page-4

Spp stays the same...when raisings are an appreciable fraction of the market cap, many take up the purchase with the intent of keeping their portfolio percentage the same. If sp is higher then they are guaranteed to a profit while trimming back on their now larger holdings until the price dips below spp. If that's the case, then it bounces along just below the spp for a while until the next announcement rockets the sp, sell any remnants into that unless tactics have changed etc. Generally spp is lower to attract more funding, exceptions are around.

Then there is the ‘markets are rigged’ scenario where some major players such as the underwriter find that for small strategic sells, possibly working along with the first scenario, keep the sp below the spp, so that many back away from the spp and they end up with alot more.

Am interested from others for more scenarios, cheers.