scuba it's hard to know, but with 1.85m traded at 78p it ties in with the placing. However in the 19th December rns it said the new shares were expected to commence trading on 29th December. You said that the placing wasn't fully taken up but in the RNS it also says (in addition to if fully placed) institutional and "other investors" - At this stage i wonder who these other investors might be - it could well be the house broker is taking some to sell on and doesn't neccessarily mean the placing wasn't fully subscribed for.