Agree.
This capital raising is eminently equitable.
(As has been every raising in which I've been involved in recent weeks)
It is quite bizarre that a significant number of investors - along with elements of the financial media - fall prey to the flawed logic of "it's unfair that 90% of the shares went to the instos while retail holders got just 10%", when the accurate way to view it is on how many shares were received by various shareholders compared to how many shares they held (i.e., the extent of dilution, or otherwise).
In reality, in the overwhelming majority of cases, even after scale-backs, small investors have received proportionally more shares than the overall raising.
Which means that it is the larger investors that are being diluted.
.
Ann: Share Purchase Plan Completion, page-14
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