Billing Services Group

Mach - Looking closely at the time, I agree you're right that it is BILL following UCL and not as I said earlier. That puts the cart before the horse! The fall in price could be a way of lowering the cost to the underwriters if BILL find it necessary to tempt reluctant UCL holders with a cash alternative, thereby leaving a hole that has to be plugged by a placing. It seems that any institution these days wants a probable 50% free ride up before they'll look at taking shares in a smallish company (i.e. capitalised at, say, under £250M).
A placing, if required, would probably not be above 70p imh(but maybe poorly informed)o.
My best hope as a UCL holder might well be a counter-bid from a company that's a bit more transparent than BILL.