Ann: Completion of Retail Entitlement Offer, page-4

CORRECTION: The actual retail entitlement take-up statement is as convoluted as the earlier insto statement. The 3rd para states that only 15.7 million retail shares were taken up, so the so-called $25 million take up would include the underwriters' obligation. Normally, announcements state the actual take-up excluding underwriter coverage.

A shortfall of retail entitlement is almost mathematically necessary because every retail holder would have to fully participate for complete sale (duh!, why didn't I think of that when writing the first post?). Experience is that retail entitlements of 40-70% are typical. This is at the lower end of that range.

Maybe PGC should have gone for a share purchase plan (SPP) for a higher result. I've been in cap raising (e.g. TIX, now CIP) where the cap raising allowed applications to buy shares above the $15k max (with no guarantees until after closing announcement). It even allowed non-holders to apply, but the latter is probably limited by cap raising limit in the 15% rule.

Anyway, my apologies for incorrect interpretation of today's cap raising results. :-/