Quote Originally Posted by Scrunch View Post
While the share price is quoted as down 10.7c, in my book it was actually an amazingly strong day. The institutional book build was at only 8.5c so I'd expected the price to drift down towards this price point. Although it followed this pattern towards lunchtime, after that it was a different story ....strength!!!. The price got pushed up, a lot.

The ex entitlement close was 12.3c. If the entitlement was tradable as rights, it would have been about 4.3c. Shareholders got 4.4 entitlements for each share. 4.3*4.4+12.3 = 31.2 which is up 8.2 on the pre-announcement close of 23c. The afternoon buying interest took the price up from under 10c to 12.3c.

From its afternoon timing, its a safe bet the buying was coming out of Australia. It was the same sort of afternoon price setting action that occurs all the time for duel listed stocks like ATM, WBC & ANZ. It therefore appears some Australian's thinks that they are worth more than last week. It could be due to the removal of risk re debt levels. My guess is that its more likely to be due to some similarities to the early day's of G8 (which Google shows as having been circa 10c in 2008 / 2009 and ran all the way up to over $5 by 2014). 50 Bagger's aren't that common and people that have enjoyed one will sometimes take punt's on their possible repeat's.
Yeah I agree its held up better than I thought, actually quite surprised that the demand for shares was this strong. I think the strength comes from Chris Scott, the man who built G8's golden years and the one adding $12 million to his already $20 million AUD investment into Evolve, that is confidence from one of the best. The man has admirers in AUS thats for sure. Currently any shareholder taking up there entitlements would end up gaining from last weeks closing price.