From the desk of PXS CFO "Pharmaxis today announces that the Retail Entitlement offer closed at 5.00pm (Sydney time) on 8 December 2011 and will raise approximately $31 million. Eligible retail shareholders subscribed for 13,815,725 new shares (approximately $14.5 million) under the Retail Entitlement Offer representing a subscription rate of approximately 47%. All eligible retail shareholders who subscribed for new shares in excess of their pro-rata entitlement will be allocated the full amount of their application. Settlement of these new shares under the Retail Entitlement Offer will occur on the second settlement date of 15 December 2011.
The balance of 15,490,841 new shares (approximately $16.3 million) comprising of shares not subscribed for by eligible retail shareholders and the entitlements of ineligible retail shareholders will be issued to the sub-underwriters of the Retail Entitlement Offer, which have sub-underwriting agreements in place with the Underwriters and include a number of existing shareholders of Pharmaxis".
IMO - Astonished that there was a 47% uptake of this offer by retail investors. But as I have written on earlier posts, it was always in the underwriters and institutions interests to keep the share price down while the CR was underway. Now the underwriters (existing shareholders) have a second bite at the cherry at this undervalued stock. With the CR out of the way, perhaps the institutions will now work to push the SP northwards. I certainly hope so.
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