That 44 per cent of the standard allocation on offer were not subscribed for is amazing.
However it had the bonus for those of us who did that RIC didn't have to consider scaling back those who applied for the 25 per cent 'extra' shares.
RIC was offering 'free money' with new shares at A$2.12 compared to a typical trading price of A$2.62 (higher as of yesterday).
Some shareholders won't have been eligible if they live in jurisdictions such as the USA and have their registered address there.
There's always some (typically) elderly SH who don't take up share purchase plans in any company, and a few others may not have had the available funds to subscribe, even though one could sell part of an existing holding and apply for the new shares.
However all these factors together don't quite explain the shortfall. RIC is a well run business with an excellent CEO who I trust to extract good value in the long run for retail and institutional holders from the fertiliser acquisition.
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