Ann: Completion of Retail Entitlement Offer , page-3

NXS gets $0.40 per share guaranteed.
The underwriters (Southern Cross? from memory) either sell the shares lower offmarket tonight through the bookbuild/ on market and takes a "haircut" or keep them. Market is negative anticipating the negative sentiment to the SPP takeup. I WOULDNT expect Southern Cross to dump the shares so there will be no actual overhang, they have been a long time supporter of NXS and the last time I looked they owned something like 20 to 30m shares in NXS.
Dont know if it was disclosed but the underwriter usually gets a 4 to 8% commission (on the $122m) for taking on the risk so depending on their deal - the net cost to them may be something like $0.30 each - so they are in front.