I noticed on Tuesday that Spotless Group (SPT) went into trading halt after the announcement of their financial results and the announcement of a 100m capital raising (71 to instos, the other 29 retail). The raising was announced at 2.16 a 30cent discount the last traded price of 2.46 on Monday afternoon.
Today, I would have expected the SP to open maybe midway between the issue price and the last traded price. Instead it opened flat, then dropped off but has traded strongly in the afternoon session to finish up 5%.
Is there any reason for the rise in the SP when we would normally expect a substantial drop?