Serious misstep by this company. This capital raising has been...

Serious misstep by this company.
This capital raising has been botched.

As a result there will be an unwilling owner of a meaningful block of stock and who will be looking to offload that stock in a relatively short time frame.

And the smart guys in town know this and are therefore offloading stock in order to have a low price to use as the basis from which to bid for the under-writer's stock.

So, big stock overhang combined with a very illiquid stock equals share price weakness, which I suspect will continue until the underwriters have got the stock off its balance sheet.

For those who look to take advantage of this sort of technical factor which is affecting the market value of the business, the next two weeks will provide a great opportunity (driven by a one-off technical factor) to buy shares in a fine business.

(The Retail Entitlement closes on 29 November, at which point Credit Suisse will know how much stock has ended up in its lap, so the first week or two in December will see that line of stock being placed in the market.)