You're in denial. Institutions obv played it tight with the 20c. I don't believe the company would have had capacity to issue enough shares at 20c to complete the raise so it had to go the staged route.
What the institutions must not have counted on was how hard they would be scaled back and the strong shareholder support now evident with the rights issue. They will now have to outbid each other for the final small parcel of shares available.
It could have gone badly but it has actually ended up a better deal for shareholders that are ready to capitalise.
Ann: Entitlement Issue Prospectus, page-100
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