The non-renouncable retail offer is set at a modest discount to...

The non-renouncable retail offer is set at a modest discount to the 5-day VWAP, but not at firesale prices, and is underwritten by the new investor.

Underwriting means that RXM gets the money it wants/needs. Only a modest discount increases the chance of the market price falling below the placement price. We have until the first week of Feb to decide whether to take it up.If we buy on market so we don't dilute our own holding, the new major shareholder gets a slightly bigger share, but still paying the price we would have paid.

The comment above that the primary objective is the institutional placement could well be right, doing enough to keep the rest of us on side.

MorningStar still says RXM is undervalued.