Ann: Paradigm Launches $66M Capital Raising, page-112

Couldn't agree more. Additional costs, and inconvenience for all concerned - to satisfy a few noisy retail voices who have had every chance to cater to their holdings at prices well below this, or indeed the last, raise price.

This money is to carry the company into 2024. It would not surprise if more cash was needed 12-15 months from now. Of course, we all hope an MPS deal will be signed by then. Many will have noted MPS' prominence in the recent annual report. It appears to be highest priority for monetisation, as we continue to further the OA case to fully optimise those eventual deals. I would hope that if the retail entitlement isn't taken up in full - any future CR that is required goes as a placement to long instos or new strategic cornerstone investors. Retail is just too fickle, we have discretionary money to invest at times, then cry poor at times. We have ample opportunity to add on market and often get a better deal than instos who aren't able to buy on a whim or a gut-feel that we've hit 'the bottom' of a phase on the chart.

While we await clarity on the possibility of a shortfall (which will of course be picked up by instos via Bell Potter in any event) the 1 for 15 entitlement, which at first might have looked paltry to some, was probably wise in it's prudence. It wouldn't surprise if retail were simply included at Paul's insistence, not for himself (he probably does not have the discretionary cash on hand himself to take up 1 for every 15 he owns) but because he's a kindly soft-hearted type who wants to look after the little guy to a (in this instance at least) fault. It's not hard to imagine that others would have preferred a straight placement to get it done with the minimum cost and fuss, and get everyone back to the real work.