Shareholders outside of the Top 20 hold less than 20% of the SOI. I don’t see how it’s in the best interests of MME, as a whole, to accept an over subscription at such a significant discount. Perhaps they may accept a minimal over subscription if it means accepting all applications in full, but it doesn’t make much sense to accept a significant over subscription and dilute the large shareholders that have carried the bag for MME.
Ann: Investor Presentation - Capital Raising, page-84
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