entitlement offer closed today

I'll be interested to see how PGL trades tomorrow now the entitlement offer has closed.

Given the offer price was $5.74 and given where the stock has traded the last month, one assumes the take up will have been very poor from shareholders.

One arguement is that it will trade lower due to the overhang of shares being held by the underwriters and subunderwriters.

The other arguement is that the underwriters pushed the price down to ensure a poor take up by shareholders and therefore more shares for the underwriters and the shareprice will go higher.

I have no idea and will just have to wait and see.

I would appreciate any other view, opinions etc.