RE: share price20 Jun 2022 20:00
Hawi, I think the reasons why people rushed to the oversubscribed placing, but then don't buy at a lower price is more psychological (FOMO & greed mainly) in nature. I think people saw the share price higher than 37p at the time, so thought it was a bargain. As far as we were aware at that point, the share price may never have gone back below 40p, so FOMO/greed kicked in. As someone else mentioned, there was also a tight timeframe, meaning you had to act quick, or miss out (a common tactic by sales people is to put things on sale for a limited time, so you don't have time to think about it properly).
Once the price has gone lower than that, people know they have time to think about their purchase. The FOMO is removed and they realise the SP will probably bob about where it is now for a few days/weeks.
So in summary, it was never really about the price, just about feeling like they had got a bargain.