because they didn't get the opportunity to particpate in the...

because they didn't get the opportunity to particpate in the placement at 20c and were therefore diluted, that's why. If you can't work that one out you may as well not bother posting. they have the opportunity in the rights issue but only 2 for 15 or whatever it is. 10% of the capital doesn't change hands in one day unless the big boys are selling and Azure had their guys ready to soak it up, hence the price held up which was very fortunate for all axm holders.