I doubt all the shortfall will be allocated - seems to me that the company is caught between people offering money (which is an opportunity for NTL) and people now getting upset about the results of a rights issue that they had full knowledge of when buying the shares and/or rights.
Personally I see more upside in taking more money to use it to bring about more intensive bulk sampling and a quicker transition to Phase 1 mining. Not to mention a larger stake in the NCM JV.
I think the company has also suggested in its announcement that long term holders rather than short term traders will receive the benefit of the board's discretion - I mean, who else is more in line with the company's long term goals?
Ann: Shortfall Announcement-NTL.NZ, page-41
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