Ann: Proposed issue of securities - BRU, page-90

I think there will be a large scale back. As has previously been suggested on here I think there is an element of rewardng long standing suffering shareholders for having contributed to the last raising (although the reasoning is flawed as it applies equally to holders who have recently bought).
I think an oversubscription can be used by Management in negotiations to convince any potential JV party that shareholders are on side and will stump up for the serious money required (once appropriate results are released) if the JV party doesn't accommodate Management's requirements.