Ann: Becoming a substantial holder, page-26

BBG firstly had a 3 for 8 to institutions (some were excluded per their domicile).
Immediately afterwards an issue of 3 for 8 with the same terms was made to retail holders.
The issue/s were NOT underwritten,but the rights were tradable,and presumably trading on ASX took place (any BBG holders out there???).
In the prospectus is an important statement:
"Concurrently with the retail entitlement the company is conducting a U.S. private placement" but I don't think the terms of it were announced,Shareholders ,I think,were simply warned of it .
There is one other thing you need to know- if a shareholder didn't sell his rights the Company sold them for him and sent him some money.
The issue was at a 70% discount to the SPO at the time.
So there is what we are almost certainly (IMO) staring at.

*No underwriter (who needs one with a structure like the one above).
*A big cash requirement on you and me to get full value if you look at how much cash BLY needs
* A cornerstone shareholder moves in on us.
The above fits my non-renounceable issue theory (its a lot more than a theory) to a T.Different strokes for different folks but the "white knight" gets what he wants,and always was going to when you are as debt-ridden as BLY.