re: Ann: Completion of Retail Component of En... OK. Now I have...

re: Ann: Completion of Retail Component of En... OK. Now I have calmed down a little.

I may just give management a little bit of leeway. I have read the offer document a little further. On page 47 it states that the cost of the underwriting is $3.1 million and the management fee $1.2 million. Although I think these fees are seriously over the top (mainly the underwriting fee), maybe just maybe FKP's management has used this share placement as payment for the fees.

So instead of Goldman taking $4.3 million out of the kitty, maybe FKP said here you go, 2 million shares, trading at $2.10, here is $4.2 million worth of shares and we will call it square.

If this is what they did, then management did a pretty good job and saved the cash for more pressing matters inside the business.

Note that doesn't help thiose of us who wanted more at $1.30. If I get time later in the week I will contact management to see if this is what happened. If someone wants an answer sooner, then maybe someone else might feel like chasing up management.