Ann: Ineligible Shareholder Letter, page-20

I was looking at the offer details yesterday, and realised there isn't a 'top up' available with this rights issue?

Back in the March rights issue, you could apply for extra shares under the 'top up' upto 50% over your actual entitlement. roughly 10% of the shares offered last time were taken up as part of this 'top up'

Maybe its a cost factor ?? maybe Morgans has hands that want the shares, so there isn't a need to find a home for as many shares as possible?

The conspiracy theorist in me feels that part of the reason for this raising, is the fact there is going to be a sizeable cap raising for Horizon(HRN) to drill the 8km worth of EM targets they have found leading north from Altair. PAN will probably be wanting to maintain as much of that majority holding, so will be up for a fair chunk of $$ to support it?