Actually on reading it again, i.e. 'to a new private equity fund...

Actually on reading it again, i.e. 'to a new private equity fund Greenstone Resources, a fund managed by BlackRock and the Appian Natural Resources Fund' I take this to mean the placement was shared by 3 -
1. Greenstone Resources
2. Existing shareholder, the BlackRock World Mining Fund (Evy Hambro's fund)
3. Existing shareholder, the Appian Way

In other words, Greenstone is new cornerstone investor and BlackRock/Appian Way are topping up. Its all about the commas

From Greenstone's web-site, it is plain that they will be acting as their own investment manager as they are a specialist fund manager. Google 'Greenstone Resources' ....

You are right - i think management has foregone under-writing the deal as AVB's big 5 would step in ... but it is still a gap in my opinion.

Chrs