I think Lev would be happy with that result as:
1. The raising was initiated at a tiny discount, making it have little value for most shareholders.
2. Not allowing other holders to subscribe for more than their entitlement, thus guaranteeing that he would get to buy anything not taken up by other holders.
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- Ann: Entitlement Offer Booklet
Ann: Entitlement Offer Booklet, page-13
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