Ann: PYC's Institutional Entitlement Offer Closes, page-2

Interesting wording on the placement. Does this indicate that the institutional component was actually offered to existing major investors, i assume including Mr Hocking and Mr Tribe amongst other current holders. If i understand this correctly those same holders now get a second go in the retail entitlement section??
i guess it is a huge amount of cash and if we get the raise over the line then all good. Major investors are certainly getting set for payday but realistically without the top few holders we would have closed down years ago. I guess if nothing else the directors are still highly motivated to get price higher from here so all good. Institutional portion already raised 14 million so more than ever before just in that component with no delay, shows massive confidence in future now.

From announcement.
"The Institutional Entitlment Offer included $6.2 million of take-up of entitlements from
existing major investors and $8.1m of placement of shortfall from the entitlements of
existing major investors."