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Or perhaps, as a client of a typical placing flipping broker, you're disappointed you weren't offered a bucket load of 3p shares to ramp and flip.

Dibs, even you must be able to see some positive in this trading update and funds raised within a few percent of current SP and no P&D or flipping required. Given the last couple of years, where FLX have under delivered there's more positive to take from todays news than your headline grabbing comments. Its easy to stick a one liner in with a few of the usual cliches but this as good a trading update we could expect other than a tasty government contract or two.

How do you know it's all about injecting cash? Cash certainly helps and ensures borrowing is kept to a minimum. But. Looking at the placing price, lack of typical AIM pump and dump for broker clients to flip thier placing shares, I'd say the main reason these shares have been created is to allow serious investors including directors take a larger slice of the business. MMs happy to take my shares in 100k tranches over bid without going NT (not executed). you don't normally get that into a typical AIM discounted placing. This placing wasn't discounted for flippers. This was a placing for investors.

10mins before close. 2 market makers moved up on bid and offer. Has someone put in a large order which hasn't been filled yet, hence no delayed trade reported after hours. MMs could be short after the spike on the 17th as it doesn't look like as many shares were sold on the way down as were bought on the way up. Spiked holders are holding for a recovery, perhaps the finals, normally released in June. Another contract win or good final results will see the SP fly as there are so few and tightly held.

To reiterate the point. A general fundraise in a AIM stock is normally done at a discount to prevailing price as this is the only way to raise the funds in absence of any company changing news. A cash shell raises funds based on the new business or take over target being presented to the new investors. Depending on the clout and reputation of the management and the type of business coming into the shell, the new valuation can be much higher than the current Mcap. More shares will be issued, for example, if I remember right, the terms of the last SEN RTO with oasis would have seen funds being raised at 8p per share. When the shares return to market, new investors would have expected 8p to be the absolute minimum. A 10p+ the-opening would be more typical. Before the shares were suspended and the RTO rumour got out they were trading around 3p It's a long game and you have to be willing to see you funds tied up for many months but it can be worth it.

Not always the best time to get in during fundraise. As with most cash shells, the best time to get in is before the take over target is presented to new investors. The current valuation of the company is based on having no assets or project. If the target is deemed a good one, new investors will be asked for fund based on the new business which could be considerably higher than current price. Directors normally have a large percentage of existing shares and therefore wouldnwant to benefit too. Most fundraisers I've seen done to shells have been beneficial to existing holders. I've been involved in 3 RTOs and all three have multi bagged and new investors paid more to invest in the new business than the LTHs

Very illiquid share. Can normally only sell x,xxx shares on NT. MMs currently offering automatic trades up to 250,000 Orders for SEN stock must be in, this would also justify Fridays volume and price increase. Holding for the next acquisition announcement. Anyone holding if this goes RTO will be richly rewarded,

Interesting spike in volume today. All buy driven. Next merger/acquisition/RTO about to be announced. If they get suspended you have to be in it early stand a chance of a big payday.

..without going NT for 6m shares. Anyone selling into current strength must be crazy. MMs stocking up for something and not afraid to take massive quantities just a few percent off 3 month highs. Screaming buy in anticipation of what ever the insiders know becoming public.

Why would MMs take on very large quantities of stock at 3 months highs? Absorbing what ever stock is thrown to them at 3 month and intra day highs without taking down the bid. It's unlikely thier books need balancing and you don't balance your books by buying retail at 3 month highs. They want stock. There has been heavy buying and there is likely to be more, today, Monday..... who knows when, but they aren't afraid to hold stock, then neither should we. A strong buy whilst the MMs take stock.

Luke, you're right. I'm always sceptical of any increase in volume and price without news on the AIM as it's normally followed by the fundraise and you realise the rise in SP was to create a market to allow clients to forward sell their placing stock to retail. To try and see through that, you have to try large dummy sells and see what your offered. You're normally locked out when trying to sell. That doesn't seem to be the case with FITB today. High volume, tight spread and MMs keep kicking out the buyers and happy to take stock off sellers. Not a typical false market for a forward sold fundraise. MMs won't take your stock if they are sitting on books of cheap forward sold placing stock.

And to prove my point an 8m sell has gone through above bid, no delayed reporting and probably not NT. MMs want you to see the sell to scare you into also selling. MMs taking stock at intra day highs means they need it to balance their books later. They are expecting a big rise.

Took a few earlier on seeing the characteristics of the mornings trade differ. Can sell 5m above bid without going NT Genuine supply and demand rise. Doesn't seem orchestrated to forward sell into as MMs wouldn't take such quantities at near intra day highs. I suspect more news is on the horizon.

Is anyone else in here Steffan ? Re-rate to continue this week or consolidation?

now being offered 7.6 for xxx,xxx shares. Where will they find the sellers? I don't think you'll see any serious selling until 10p+ again which is bad news for any MM's who hoped the Darwin news would tank the SP

Every AT trade since the RNS has come off the Offer. MM's desperate to not let this run away but they are having to let so many retail buys go through with no sign of any retail selling. Check out the 50K retail buys, this will have to go pop soon as someone must be very short by now and will have to balance their book!!

From the RNS on 31st March - "announces that the Company expects the successful debt restructuring exercise it has undertaken to now be unconditional by mid Q2 2017 as opposed to the end of the Q1 2017 as previously announced, post completion of the administrative process and other conditions precedent, including the process of non-core asset sales." The debt restructuring is fully expected to go through with out a hitch where short term debt is to be conveted to long term debt with no repayments until 2021 This new financing is dependent on the disposal/sale of non core assets. GPRH must have found a buyer if they expect the debt restructure to be announce in next couple of weeks. There must be a trading update to die for in the pipeline.

and can sell 500,000 for 7.25 without going to NT like the last few days. Its my guess the Darwin shares haven't even gone retail. I think someone is stakebuilding. It doesn't make sense when Darwin have 13m shares at their disposal that the SP nearly doubles and I can sell 500,000 over bid without NT. Someone is buying and looking at the volume, a TR-1 cant be far off,

Darwin out. Last loan note executed. RNS states - This conversion will result in no remaining loan notes outstanding.

To win the mobile financial services contract with up and coming Meghna Bank Ltd is a massive boost. And an option to take up 55% of MiTBL is a clever mechanism of maintaining full control. Very illiquid share, check out their website. Directors aligned with share holders. Over 67% of shares NOT in public hands.