Little confused as to why it was suggested on this forum by some who had phone calls from Patterson's and who spoke to VA that the SPP was oversubscribed. The SPP was to issue 592 million shares, so total allocation from this including top up was actually only 574 million shares.
Whilst I had a feeling the SPP would be oversubscribed, that feeling became apparently not. Also, looks like there was a get-out clause to the perception that Pattos would underwrite the SPP issue, given whilst 592 million shares were up for grabs in the SPP, before top up, only 450 million were actually subscribed for.
Whilst it is good they got some funds the raising is not a glowing endorsement (particularly of managwment) IMO IMO
Refer - Post #: 40372614
Ann: $6.6M raised from Successful SPP and Placement, page-3
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