Ann: Equity Raising Presentation, page-16

FYI - the winners are..... Bell's.

- They make a $1m fee (which given that a normal raising and underwrite fee is 3-4% it appears that they have actually charged a fee on the SC Global component as well).
- They pick up the balance of shares at 20cps compared to the insto price of 25cps.
- Also, when AVJ issues performance shares to KMP they buy the stock on market rather than issue new shares. I will bet that the Bell's overhang will be bought back by AVJ to be held in their "Treasury shares" account at the current market price. That way there is no pressure on the share price to push it down to the 20cps underlying price.

What a stitch-up.