i dont think it will fall to 2.8c.
I assume the placement has already been done "The Placement is made primarily to sophisticated investors and international and domestic institutional
clients of Hartleys and BGF Equities." as per announcemnt 29 May.
The entitlement, maybe, was really to keep existing shareholders happy ie they could participate on same terms as those in placement. Up to shareholders if they bought or not.
Remaining entitlement stock can now be passed on to placement buyers if directors see fit.
asx announcement, page-8
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