Ann: Becoming a substantial holder - Bannaby, page-11

Brokers still have their own clients - individuals and institutional - who in turn, can have as many reasons to sell as any given other individual in the market, personal or otherwise. A lead manager still typically walks away with their offer fees (often 6%), plus any brokerage if they are executing trades made on behalf of their individual clients. Speaking generally, I'm always of the view that it's better to tie a broker's compensation in running an offer (at least in part) with options or the like, as opposed to fees, so their longer term interests are aligned.