Ann: Macy Scoping Study Update, page-58

Some of those that took part in the cap raise were happy to sell heads at a profit and even a loss to around 2.5c based on the broker data I've been told. From 2.5c below has generally been retail.

The point I'm making is that I don't think that the oppies are being pumped to sell them, I think they are genuinely being held tight by those in the cap raise. They are not only effectively free carrying them through selling heads (if they did as usually tends to happen), they may also see the company being valued much higher soon, so have held oppies as they still provide significant upside (which often generally happens in raisings of this style).

This is forcing investors to pay up to ensure they get them, at a price they still see great value at, even if they are obviously out of sync with the heads. Although every pip lower is very significant at these levels, there is simply too many people wanting them and so few available to allow them to drop to a level we would expect.

Waiting for a drop on oppies to a level that you would normally expect with the numbers involved here may end up being futile based on the supply/demand that we've seen so far. I've seen this pattern emerge a couple of times, generally 6 or so months later, holders were very happy.