Ann: Placement and Non-Renounceable Entitlement Offer-ZYB.AX, page-7

Welcome to Patto placements. If they're going to offer to underwrite something it's going to have to be at very favourable terms otherwise they're not going to do it. This is Pattos business, obtaining money for cash strapped organisations, pocketing a handy fee for doing so and preferential share issue in the case of others not taking up their offer. Pattos don't take risks themselves, their return is guaranteed.