It's possible Red Leaf took some, but it sounds like the vast majority went to Instos & SIs. The shortfall shares will be held by the Instos & SI's whilst VOR pockets $1.3m from the options over the last month.
Red Leaf would have been paid a fee (maybe 5-6%) of the shortfall amount (approx $880k) for arranging the underwriting/sub underwriting process.
79,934,433 unlisted options expired unexercised on 7 November 2019. As per the announcement on 22 October 2019, this number of shares were placed with institutional and sophisticated investors under the options shortfall agreement. Funds raised will be used for the growth of the Company’s core business, costs of the issue and working capital.
Hope that helps.
VOR Price at posting:
0.9¢ Sentiment: None Disclosure: Held
