Ann: Retail Offer Closing Date Reminder, page-3

This and the IOOF raise show the beneft of the optionality inherent in retail holders' rights compared to the those in the institutional SPP - the couple of weeks of share price fluctuation before the decision point.

My bugbear with this was the dilutionary effect of the 1 for 9 offer to retail holders but as it turns out that's a moot point. I'm also sceptical of the need to raise nearly double the cost of the acquisition at a time when many of the holdings are supposed to be breakeven and, according to the presentations of years past, due for "monetisation".