I think we’re on different wavelengths here. I’m saying that in...

I think we’re on different wavelengths here. I’m saying that in my opinion, when issuing new shares at a discount, existing shareholders should be offered those shares before they are offered to non-shareholders, and should only be offered to non-existing shareholders if there’s not sufficient interest from existing shareholder to reach the cap-raising target. This is typically done through an underwritten SPP.

You seem to think that the institutions that took up the bulk of the new shares issued were all existing shareholders. I don’t see any indication of this. Have you seen this stated anywhere?