Ann: Successful Completion of $47M Share Placement, page-77

I disagree on your statement “a discount was required”.
There’s only 30% out of the control of the top 20. If there was any new big guy that wanted in (and I’m sure there is according to everyone on here suggesting a TO) they would have had to push the SP up to take a sizeable stake. So where are those institutions and why weren’t they prepared to pay a premium for a generous stake in this new offer to take a position?
As others have said, this was a gift to the big boys. Having a chance for the punters to buy on market at the same price is not an argument because it happened by default as a result of this low ball issue which should never have happened in the first place if there are suitors clamouring for what we have. So which is it?