Yeah i might have been too harsh. I don't know what the subunderwriting agreement looked like and might have included those shares for them no matter the result.
Purpose of the underwrite is to underwrite though, and if there is enough appetite from existing shareholders then in my mind there is nothing to underwrite.
Ann: Results of Entitlement Offer, page-6
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Mkt cap ! $67.45M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 666 | 21.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 22.0¢ | 45997 | 2 |
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