The maths is interesting, because of the 13:1 ratio cap this isn't as bad a result as it may first appear. The outcome suggests that 14% of the register took up their entire allotment. Which, when making allowances for traders, non-marketable parcels, the toilet of sentiment and other precluding factors thats.... that's actually surprisingly high.
100% was impossible, so that 14% when down selecting to eligible and able participants is probably closer to 20-25%...
Hmmmmm makes you think....
Ann: Results of Entitlement Offer, page-35
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