It really doesnt matter how many take up their allocation, as it is already underwritten. The institutional entitlement offer has already been completed, so the largest holders would have been contacted early when determining the price.
They are effectively giving existing shareholders a first option to buy more before allocating them to the underwriters/institutions.
One reason the amount allocated to existing holders is so large, is the limit on the number of new shares they can allocate without shareholder approval. (new shares offered to existing holders via an entitlement offer are not limited in the same way)
From the original announcement:
“Paragon received a waiver of Listing Rule 7.1, which permits Paragon to issue an increased number of shares under the Placement, by calculating its 15% headroom as if the Shares offered under the Entitlement Offer were already on issue at the time of the Placement.”
PGC Price at posting:
72.5¢ Sentiment: Buy Disclosure: Held
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