Underwriting = failed equity raising.
With the shares 10% or more below the buy in prices, the rights are worthless.
ordinary shareholdes have not only seen their holding diluted by 15% by the placement, but thave sen an even greater fall in the share price.
Even the strike price on the options will be out of the money by 100%.
IMO the people running this company are rank amatuers in all aspects including fiance and operations.
underwriting makes sense , page-2
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