If the vendors needed cash, they would've gone for a cash plus...

If the vendors needed cash, they would've gone for a cash plus scrip deal or an all cash deal; they could even have structured it such that each vendor received their preferred mix of cash and script. My guess is SEQ wasn't the only interested party and other private and public companies would've readily handed over cash. So I would doubt the vendors would have selected an all script deal to share in the collective fortunes of SEQ plus Interprac, and then decided to sell on market shortly after. Of the 43m issued, 11m is not subject to a 12 month escrow. So in theory there could be up to 11m dumped on the market, but in practice we may find that liquidity doesn't necessarily improve all that much over the short term.