Crescent are restricted from buying under the takeovers act...

Crescent are restricted from buying under the takeovers act aren't they? Assuming its the same as the NZ takeovers act.
They have to increase their stake by underwriting the raising and the only other way is by buyback.
That's the reason they are (fairly cynically in my view) manipulating the share price with massively dilutionary capital raisings. Before the 1st one the shareprice was $2.35, they suceeded in getting the price below $1. Maybe they will succeed at driving the price to 40c, hard to say.
I am constantly surprised at how far shares can fall when people are scared.
However as long term holders we will benefit from Crescents tactics, as long as we oversubscribe to all raisings. That doesn't mean I am following their money.
I have my own independant view of what the company is worth.
I think most likely this is the last raising so the company will putter along until the recovery arrives.