As underwriter to the retail rights issue EL&C Baillieu will finish up as a big shareholder in Rex Minerals if the price remains under the issue price of $1.70. The underwriter would have done it's homework and I think that they would have carefully assessed the risks involved to see them not in the awkward position of taking up some massive shortfall.
Rex Minerals would be monitoring the current share price and realise that they will have to make some announcement before the issue closes . They must have an ace up their sleeve and to the rescue will be the Songvaar assay results , HDDO45 and HDDO46 wherein the company said would be available "Mid November" That so happens to coincide with the closing date for the issue.I believe Baillieu are confident that this news will be timely for them and business of filling the entitlements will then become a formality and then business as usual.Lets hope it pans out that way .
underwriter needs good news
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