citi, page-3

Something just doesn't smell right here.

Volume is dissipating, but failure to rally significantly on any institutional buying despite a strong day on the market seems to indicate there is something they are not telling the retail side of the market.

I am starting to suspect they have rung around to see if the banks/major S/H will support a cap raising but are keeping the retail market in the dark until the price has been negotiated.

But ASIC has asked that non-disclosure agreements are signed and adhered to in such a case, so surely this cannot be?

If my suspicions are right, it will be a double whammy for the retail side, as they will likely do an accelerated placement to instos who will likely initiate a 2nd round of quick profit dumping.