two issues to be considered about nab spp, page-7

Price was manipulated down before setting the issue price. they chose a day which was easy to manipulate down. There was no bookbuild to set a genuine price for the shares. An arbitrary low price plucked out of the air, to provide windfall to privileged outsiders. A price TWENTY THREE PERCENT below the price two days previously. The fact that the bookbuild price was set too low, is demonstrated by the fact that it was way oversubscribed, so they could issue more shares. Why didn't they have a proper bookbuild ? Well one reason for setting the price so low, is to ensure the issue is filled without any risk to the underwriters. Who nevertheless get a fee of MORE THAN ONE HUNDRED MILLION DOLLARS for the placement.