This is why management often rely on placing to institutions - because retail holders believe the SP will immediately disregard the discount on offer and sell it down to the raise price and below, so they will be able to pick up cheap shares with no benefit to the company - and ultimately that is likely to result in insolvency. The altenrative is to ignore retail holder and do a placement and suffer the resultant verbal outrage on HotCopper.
Ann: Extension of Share Purchase Plan, page-17
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