Ann: Cardno Provides Market Update and FY16 Guidance, page-38

Crescent doesn't care about their average buy price. They're not going to sell shares piece by piece, they want the full control over Cardno, so they can "restructure" and then sell.

What they care about is getting even closer to a majority stake, and this cRap raise will work for them nicely. They'll skim some surplus from instos that won't take part in raise (some of them too inert to react in two days) , some more from retail and overseas shareholders, and then hunt for more when trading resumes and sp dives.

IMHO this is going to get ugly after trade resumes, but should recover after a while (and depending on buying spree between Crescent and closing shorts, we might still see a major squeeze). I'll certainly get my shares+ at $1 and then keep cool through the carnage.