What a convoluted way of reporting – Torchlights 64m entitlement...

What a convoluted way of reporting – Torchlights 64m entitlement as unexercised, but taken up by them anyway, as part of their underwriting.

Adjusting for it, I reckon this has got to be a 100% take-up by the top 5, purchasing 266m of the 366m issue.

Of the 100m entitlements to smaller holders, Torchlight picked up 58m (they'll appreciate the generosity), 4m picked up by rights buyers, 6m by directors & mgmt = 68m, leaving 32m taken up by other existing holders.

Could summarise that as insiders taken 330m and others 36m. Even in this skittish environment, all the sizable players have forked out cash to positioned themselves. Very good outcome in a couple of ways. Nice verification of value by those best placed to know.