"The earlier notice had stated that the offer was fully underwritten. The attached is the corrected release with those words omitted." Sheesh!
Might I suggest a less wordier sentence.
"The offer is not underwritten as was previously stated" (9 words compared to 21). Still, I think CGB have a strong record of preferring the .... longer .... road ... to ... getting ... things ... done.
Just remember though, "we need money to make money"!
Holders lose ~85% of their capital from the previous "offer" and one of the pivotal sentences in the offer documents is, "we need money to make money". Perhaps, that might serve as an inducement to 'mass wallet opening' by existing holders - time will tell!
I think it would be terrific if the BOD's could give the market an update on the level of subscription to this 'offer' (the one that's not underwritten) by the end of the week!
My sense of curiosity and potential investor interest would be well satiated by an update this coming Friday.
