The share placement will be underwriten by a broker or bank who will have to take the shares at 60p if not enough fools come forward. They will have some get outs that may apply.
The over 2 million shares traded could be just half that amount as every buy and sell is logged somethings get double counted.
"The Placing Agreement is also terminable in certain circumstances up until the
time of Admission, including, inter alia, for a material breach of the Company's
obligations under the Placing Agreement, for a material breach of a warranty
contained in the Placing Agreement, or in the event of force majeure or a
material adverse change in the financial condition of the Company. The placing Agreement contains various warranties given by the Company with respect to the business of the Group and certain matters connected with the Placing. In addition, the Company has given indemnities to Arden Partners and Kaupthing in connection with the Placing and the performance by Arden Partners and Kaupthing of services in relation to the Placing."