Ann: ANZ 1H 2020 Results Presentation & Investor Discussion Pack, page-162

I'm sure I don't agree with Stephen on everything but I think even he'd accept that (relatively) smaller companies will raise Capital directly from time to time. Personally I think the ARDS opportunity is sufficiently unusual that a case could be made on the basis that a wider raising may have depressed the share price and led to a worse outcome.

Not so bizarre, MSB has been a relatively volatile stock and this is a volatile period. It's at least arguable that raising capital at near the share price at the time on this occasion was in the interests of all holders given a more public raising may have depressed the price.

With MSB, the decisions I find most objectionable were almost all made before I became a holder. If you want to continue this discussion on MSB I suggest you tag me on the MSB threads.