$2 Club, page-51

It was just bad luck in my opinion. Markets never really like capital raising unless its for a specific purpose, such as buying another company and they like the potential. So you would expect the price to float around the cap raising price. It seemed well priced - low enough to give share holders an incentive but not too low as to dilute excessively.

where the bad luck came in was that the markets were very volatile in late August and September - Afterpay was in the 70s and that pushed the price down well under the capital raising price. I would have been happy to take up my entitlement, except I am not a charitable institution, so I rather bought on market for cheaper and many would have done the same. You can’t predict these things.