I can only speak from my experience last night (your morning)...

I can only speak from my experience last night (your morning) trying to buy the shares. Volatility plays havoc with limit orders, the only kind I can use through my broker (they're all in bed asleep) but even so the ASX market makers were not exactly lining up to throw ADI shares at my buy orders. Given the backdrop of 22million new shares (OK, so 2/3rds of that figure) swilling around and possibly looking for a home, I was a little surprised at the difficulty I had in buying the relatively very moderate number that I finally managed to acquire.

If there is bad news, few seem to be selling in anticipation.

If the placees were only in it to take a small margin, I dealt between 27.5 and 29 cents and, so, they are obviously reluctant to take as little as 10 - 15%.

That was my experience.