Ann: Prospectus for Loyalty Options Lodged, page-13

Agree Loyalty options were managed poorly, they are not loyalty if every holder receives, and not just IPO holders. Yes, to expect trading at issue price is generally the expectation, but not always reality. If you look a little deeper, this company has a fair amount of holders who have provided seed capital at fair discount to the IPO price, and many are choosing to take a profit. Until this clears out it is unlikely the stock will move north beyond the issue price. However, this do any mean management are doing a bad job. My lesson from this IPO is to ensure I do t participate in any other IPO that has many investors who have previously provided seed capital at a discount to the issue price.