Does this mean the underwriter/sub-underwriter gets the full shortfall over shareholders who applied for shortfall?
That is not "underwriting", which is supposed to only kick in if there is a LOWER amount applied for than they were seeking. In this case there was MORE applied for than they were seeking and the underwriter should walk away with only their underwriting fee (if any).
Pretty disappointed that we get shafted in favour of their mates.
Ann: $9.5M Rights Issue Closes With Strong Support, page-2
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