share price hammering, page-3

A lot of new SGX stock came onto the market last week as on 3rd June instos were issued with the stock they took up in their part of the 2 for 15 entitlement offer (company's 26 May release quotes the 3 June issuance date). Change of heart from some instos?
Retail part of the offer closes tomorrow and next week instos have the chance to bid for stock not taken up by retail shareholders. Perhaps instos selling in anticipation of being able to buy back cheaper in the bookbuild for all the retail entitlements not taken up?