Because it is cheaper dollar-wise to develop and prove the viability of cokal then sell it as a package to a bigger whale than to cheaply TO cokal shares which may cost anywhere between $50-$150m and have the rejections from managements and large holders.
baulk has explained the above at least 2 times in the past weeks.
if one doesnt get that instantly then one wont get that forever.
Ann: Fully Underwritten Non-Renounceable Entitlement Offer, page-207
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