Ann: Azure Completes Placement, page-42

when something defies logic then you have to look for another explanation.

There have been about four recent positive announcements from Azure, and after each the share price has dropped. Why? Who is gaining?

In the most recent announcement concerning new funding by issuing shares at $0.30 in two tranches.

The first tranche is raising $8.3  million and the second tranche just over $6 million. The first tranche is a placement to different major investors. This part was oversubscribed. Therefore these investors have funds available for Azure, but they have to find a way to do it. Suppose they drive the share price well below $0.30 (the issue price for new shares), then the second tranche will be under susbscribed, and Azure may be forced to accept funds from other than existing shareholders. They may have to vary the terms of funding. This second tranche requires approval from a special meeting of shareholders.

Tell me this scenario is not likely. Will some one give me an explanation for this anomalous movement in the share price.