"Yes, the discount is not particularly appealing. Probably reflects the level of desperation in needing to raise the funds"
I read that a bit differently.
Level of offer price discount is proportional to degree of desperation/urgency.
That the discount is so slim would be an outworking of the feedback, about the appetite for participation, the arranging investment banks would have received from investment institutions.
Ann: Bapcor announces capital raising, page-9
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