Well Smoking, it certainly looks as if there is little buying...

Well Smoking, it certainly looks as if there is little buying interest. The current bid depth appears to be totally contrived. In the absence of any significant news in in the interim i expect that this pattern will continue up to closure of the rights issue.

Yes you could well be correct re: the underwriter taking up a decent chunk of the issue. The extent i suppose depends on whether or not the major holders take up their full entitlements. SBM i would say yes. Hampton Hill not so sure. They are low on cash. Pitt's & his private companies will take up their full entitlements i expect. Hodgson not sure.

Another thought. Would management be able to take up such an issue if the share price were a lot higher ? Duncan Hardie would for sure. He's a very wealthy man. But the others hmmm ? Could this be the reason the price is now so low. It certainly works in their favour preventing their stake from being diluted ! Food for thought !