Ann: Settlement of Senior Secured US$60M Bond Financing, page-8

The underwriters will take a fair portion I would say, and possibly some deals done that might enhance the position of some of the major holders. What the underwriters get stuck with will become overhang for a while. We still haven't broken away from the last cap raise and that was 8 months ago. The 2 raises have both been a disappointment to me - STA should have been able to successfully demand at least spot prices given the almost risk free backing of NAIF.