MMs and institutions hold the price back at the start of the day, allowing PPs to sell at a price well below the bid and then let it rise for the remainder, having picked up the sales from the PPs.
A possible scenario that they needed to do a fund raise, and the only backer would invest on condition they went private. Anyhow, it's the small investor how gets turned over.
Little wonder only a few idiots like myself buy shares in small caps. I don't know how they can sleep at night. Fortunately I only have a small amount in this bunch of ...
Β£13 short term. But long term ... well. I recently listened to a V ox markets interview with a fund manager and they talked about Β£40 long term (7 yrs).