The next three companies illustrate how judgement was dispensed by the market in the last fortnight under very different scenarios. An 11.1 per cent discount was sufficient to attract strong demand without signalling distress, an important distinction in today’s market. Since the raise, Saturn’s shares have traded 15 per cent above the issue price, suggesting investors have strongly endorsed the company’s strategy. Post-raise performance -SteadyLead Manager: Canaccord GenuityIf Saturn Metals demonstrated where institutions were prepared to back quality, Lotus Resources highlighted the price investors still demand for taking on additional risk. Priced at a 12 per cent discount, Pacgold’s stock has held at the issue price and is still going out the door at 15c.