Ann: Capital Raising Announcement, page-48

the way it works is very simple:

there was a $60 million placement at $3.60 to Insto investors (sophisticates/funds).

then there was a $62 million rights issue at $3.20 to existing investors. existing investors are split into two buckets - retail and Insto.

unlike retail, Insto holders have to either accept their $3.20 rights now, or those that don't, get those rights placed into a book build which again, Insto investors bid into like an auction. that auction started at $3.20 and was according to reports, done at $3.65.

that is actually a huge premium !! strong demand.

the difference between the $3.20 to $3.65 is paid to those holders.

retail holders who are always deemed - as dumb! - get to think about it for a few more weeks and decide whether they want more shares at $3.20.

get it?