This placement was initiated back at the start of April when the SP was high 40s, low 50s. Charlie Bass needed SH approval as per the EGM before he could execute/close and transfer payment to EM2. When the placement was originally announced the issue price was at a discount to market, not as it is now.
I shudder to think how the market would have reacted if CB has decided to pull his money because the current SP was some 30% lower than the placement price. That's assuming he could.
Ann: Share Issue Completes Placement, page-4
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