Regardless of shortfalls, if any of the instos already own (which I doubt) they could drive down vwap in the period to suit their placement. AZK have made no statements re instos other than saying things are promising. So maybe no deals yet, maybe things go to retailers, then if there's a shortfall the underwriters will help out. The vagueness suggests that retailers might be able to get shares, and therefore might be able to take advantage of sub-20¢ vwap prices. It needs to be clarified to make any other assumptions.
Capital raising, page-15
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