I don't understand the directors' decision to deny shareholders who applied for additional shares only to allocate the shortfall to the underwriter, who was already paid 4% underwriting fee. If the prevailing market price were lower, it'd have made sense. As it was, their decision can only be seen as favouring their mates. Yes, most of the directors didn't apply for additional shares, but they probably thought they got enough already, or had other investments.
Ann: Entitlement Issue Closure and Shortfall Notification, page-11
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Mkt cap ! $58.10M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 2 | 95006 | 10.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 11.0¢ | 57010 | 1 |
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