Gotta the confidentiality side of putting the word out,...

Gotta the confidentiality side of putting the word out, particularly to existing shareholders, that you are in the market for a placement has to be frought with danger in the absence of a trading halt. Phil and Charles wouldn't have wanted to call a trading halt unless they had pretty solid assurances from a trusted broker that a deal was pretty certain.

As they were only after $1.25m whoever they took into the tent didn't need time to get their ducks in a row so there was no need for a trading halt.

I guess the deal was done over a coffee.

Most of those who can't maintain their percentage position by kicking in $15k wouldn't have to spend too much more than the 5.5c issue price to pick up the difference on market so not many are disadvantaged.