Ann: Entitlements Offer Closure and Notice of Shortfall, page-10

So, welcome to Talaxis, at approximately 8.5%. I understand their intent is to hold them.

Looks like Patersons will have about 93M shares for sale on Monday, which is about 30x typical daily volume of late, but we have had some 10M plus days of late with the RE scares about. In total about 105M shares have traded since the offer was announced.

There was no option for eligible shareholders to subscribe for shares above their entitlement, so it was always going to be under-subscribed. I suppose trying to raise $23M was always going to be harder than raising $3M like they did last time with ease. I suppose getting $8M from existing holders is not too bad a result, but I did think they might get enough to limit the issue to Paterson below a consequential amount.

So I guess we will push back to the offer price after all. I wonder what sort of strategy they will use to sell.