Ann: A$34m equity raise at a significant premium, page-217

No one paid $2.38 for the placement. Only WR1 gets the benefit of that through a magical tax avoidance scheme for donors.

The donor pays $2.38 but then sells them at a loss to local sophs / instos at $1.22. They get the tax benefit and locals get the discount below SP. While the raise is good for the company in terms of cash raised vs. shares diluting the float - short term it's shitty for shareholders as the price is where it is right now (3rd day below CR price).

What I want to know is what stopped them setting the raise at $2.38 and $1.37 locally if the raise was so good for WR1? The discount was shitty, timing was shitty and the short term SP is suffering because of it. I get the long term upside of doing it this way, but irked around the fact it had to be at $1.22. Screams of no leverage.