Bretto - the total rights issue is for 34m shares the underwriter has said they will buy up to 20m shares of any shortfall = if the top 3 shareholders and directors all took up their full entitlement that would be around 14m meaning that every right shareholders took up would be one less for the underwriter.
I am expecting the underwriter will get close to full compliment of 20m shares- Your theory about not taking up the rights and letting them lapse rather than sell to Ozblue for 1c is flawed because the company will get BBY to sell them to someone else. As Jantimont said the company needs the money thats whey they wanted the whole $85m underwritten not just the $50m
hOOt
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- Ann: Letter to Shareholders Re Rights Issue
Ann: Letter to Shareholders Re Rights Issue , page-28
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