agree, they sound quite fixed on the scale back. Of several...

agree, they sound quite fixed on the scale back.

Of several equity raises lately, Shl’s raise last year is about the closest in terms of share holder numbers, size, discount to current share price etc.

interestingly if we divide the amount raised (330mil) by the max allocation (15k) we get the equivalent of 22000 shareholders participated to the max. This is out of 66k shareholders.

so if we transpose this ratio of 1 in 3 participation, then we would get the equivalent of 16000 shareholders applying for $47k.

arguably, cash is tighter to come by at present so one could argue that the participation might be lower than it was last year for sonic.

200mil/16000 = average allocation of 12k aud

also worth noting that 40k/48k shareholders of aia have a holding of less than 5000 shares. Not sure how many of them would have access to 47k in the current climate.

while it’s clearly free money, the sonic experience as well as the size of the holdings of most shareholders, makes it more likely that the scale back won’t be as fierce as I first thought, but we’ll find out soon enough.