Rob, not wanting to get into an endless debate in a vacuum of knowledge, but I would like to point out that HOPU were not the underwriters and they were guaranteed a top up from the retail to readjust their initial holding to a MAXIMUM 15%, after the retail raising.
I haven't done the numbers but I suspect that the 33% of retail cut leaves a lot left over for underwriter to make a killing, especially when you consider that Paladin seemed to be guaranteeing any losses of the underwriter (JPM).
I do agree that retail raisings often fail to raise the funds and that is why I applied for a very large top up. I disagree about the retail holders. Institutions seem much more hard nosed and rational about buy and selling.
Ann: Successful Completion of A$94.6M Retail Entitlement Offer, page-15
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