"My suspicion is that the underwriter will end up with a lot less shares than many anticipate. There were over 10m rights traded in total. If the buyers of most of those took up their full entitlements, then there would be only 24m other rights to be converted. Again if the largest shareholders take up their entitlements, that would be another 11m by itself.
We also know many of the smaller shareholders will take up as many as they can, quitea few million there as well.The underwriter may end up with under 10m shares. The important aspect is that the company will get their $85m. If the UW ends up with less than 10m, they will do very well out of the rights issue, as placing those over the next year/few months should not be difficult at higher prices than today."
Well Ozblue this prediction of yours panned out to be way off the mark ? no chatter today is everyone still shell shocked at the lack of interest in the rights issue particularly by O.W and the other 2 Large Chinese holders - Only 2.5m shares in total is a long way short of the 11m inferred as the take up of the full entitlement just by the big 3 in your quote above.
Or are we all waiting to see if the 27c CDUO buy order gets filled on open Friday morning.
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