azure 32.5mil bookbuild, page-5

Thanks Davo,

Firstly, for me the number of shares is the important issue as a shareholder - am sure the $$ is the important number as far as axm management is concerned. As to azure, both numbers are critical to them.
Secondly, Book building, to use the term broadly, is the process of generating a book of investor demand for the issue of new shares - given that the 32.5 mil have not been issued to azure I regard azure to be book building. I think the use of such a term is valid in the context.
Thirdly, to my knowledge LEG is the only sub-underwriter.
Fourthly, azure is not an investment house. They are facilitators in capital raising and mergers. If indeed they have the financial capacity to pay for the 32.5 mil share shortfall, I would have expected to see a 3B by now - everyone is very quite on this latter issue.