I need to digest the pack more before commenting on the value of...

I need to digest the pack more before commenting on the value of the deal ... but certainly no concerns from my first skim read.

Some thoughts on the CR itself tho ...
- Very happy with a 1:4 offer. It’s the a good compromise between fairness and raising cost (fairest would be a renounceable offer of course, compensating those who don’t have the cash to take up the offer but these are more complicated and costly to run).
- The modest 13% discount and small insto offer (outside the 1:4) shows M7T and Morgans are very confident in the value.
- I’m not generally a fan of Morgan’s and their analysis of companies ... but they certainly know how to pump a stock up to their small ‘sophisticated’ investor base which will be positive for the SP in the short term (long term will of course depend on M7T’s continued growth/performance).
- I’d expect Clime to take up their full allocation as they’ve been buying lately ... and I really do admire their analysis for the long term!
- Hopefully the book build brings in some more instos who then want to increase their holdings.

Cheers