The CR's that I see usually announce any shortfall placement on completion. Yes, I acknowledge not much in the way of CR's are "fully subscribed" in the current market. But this wording in the announcement highlights the work still to do.
....Taylor Collison will place the Shortfall Offer Securities on a best endeavours basis to sophisticated and professional investors, subject to theBoard's discretion as to the allocation of the Shortfall.......
"Mandate" as you mention sounds a lot stronger than "best endeavours" used in the announcement.
It is what it is, but when KM calls it "strongly supported" IMO it creates a credibility gap for the Company.
14D Price at posting:
4.8¢ Sentiment: None Disclosure: Held
