Ann: Extension of SPP CLosing Date, page-124

The shortfall from the recent Share Purchase Plan has two implications:
1) it's a potentially substantial source of funds for Troy over the next few months (as I noted above)
2) it's a weight hanging over the share price. Troy has no doubt instructed Patersons to seek buyers for the shortfall, and so there's a largish supply of new shares available at 10.5c.

Patersons Securities Limited will act as Lead Manager for the Offer. Patersons has also agreed to act as Lead Manager if there is any shortfall and if the Company elects to conduct a placement of any such shortfall to the Offer.

But imo, once a few institutions/professional investors start expressing interest in the shortfall, it could disappear fast. That's because uptake of the shortfall is a potential win-win situation: a win for Troy (ie. the additional funds will strengthen its balance sheet) and a win for those who take up the shortfall (an increased stake in a financially stronger company).

It could happen quite quickly. Watch for a build-up of open interest in Troy shares at 10.5c. It might be a sign that the shortfall is about to be taken up and that the 10.5c wall is about to be smashed as a result.