Just thinking out loud here…The entitlement offer seems to have...

Just thinking out loud here…The entitlement offer seems to have been undersubscribed — and I can’t help but wonder if the timing played a role. Between Easter, ANZAC Day, and a string of long weekends, it couldn’t have come at a worse time for retail investors. Most people were either offline or distracted.But here’s another angle:We know from the December top 20 list that the top 20 holders own over 50% of the company. If even a few of them didn’t (or couldn’t) take up their full entitlements, that alone could explain a big part of the shortfall.Take Graham Melrose, for example — he and Olga hold over 18%. That’s ~$1.7 million worth of shares in the raise. Did they have the liquidity or interest to take that up? Maybe not. And if a few others passed too, then it’s no surprise we’re looking at a decent shortfall.The question now is —Was the shortfall simply a cash/liquidity issue among the top 20?Or was it a broader confidence signal?Interested to hear others’ thoughts.

Did anyone here participate? I took up my entitlements and some