"The fact is nothing is underwritten"
Are you serious ? Asset Management Funds Underwrite Retail Capital Raises all the time !!!! They underwrite them when they have confidence in the underlying value of the Company. The fund will mop up any deficit in the subscription.
And that is the answer to the question.
Why is this Retail Raise not underwritten ? Because no Fund sees value in underwriting it...
Ann: Extension of Share Purchase Plan Offer, page-57
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