Ann: Completion of Placement and Institutional Entitlement Offer, page-36

Pretty normal for instos to get a head start...
The paperwork is straight forward compared to organising a rights issue to a myriad of retail investors.
Corporates only offer a token retail allocation to keep the masses happy as I'm sure the instos would have easily taken the full amount. I'm not sure retail investors would be able to foot a 12 for 5 rights offer. Given the urgency, it's also non-renounceable that penalises any cash strapped investor...
Either way, it's highly dilutive and akin to bailing out the business. I'm only still in and participating in the rights offer as its the best way to salvage value but come eofy, will reasses for capital gains purposes.