As it stands the directors look to have combined 40% shareholding at the end of this rights issue. I think this means that they won't apply for shortfall and thereby going over 20%. Last 3 RI's have had % shortfall of 60,40 and 30% - with EDE tentatively ticking boxes, 20% shortfall this time might be a fair call.
Ann: Pro-rata Non-Renounceable Rights Issue, page-22
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