The share price appears to have been cleared to descend rapidly, perhaps it will pass through level 60 (pence that is!).
The share price drop today looks like it was driven by a fairly large shareholder dumping stock, over 2m shares traded at the same fixed price (60p). Perhaps an intstitutional investor can't face the prospect of losing all its money.
Anyone out there know what happens to the recently announced placing of shares if the share price falls below the placing price of 60p? I can't imagine an investor wanting to buy 55p shares for 60p. Do they pull out of the deal or simply take on more shares - diluting the value for other existing shareholders?
Keep on flying!
Saxon Ops