My totally unfounded theory is that the share issue is underwritten by Gus and family. It would be very dubious for existing shareholders to increase their stake at a discount by taking up any shortfall. I think they did the right thing and priced the offer at market rates, even a tad higher, to avoid any grumblings.
The relatively small 1:15 entitlement may have been chosen to avoid exceeding any control thresholds.
I just can't see how any investment banker would ever underwrite an issue at 5c given the company is so broke and risky that it is paying a 30% annualised interest rate to borrow money. It's got to be insiders.
Follow the smart money I say !
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