If they wanted to invest #1m into PIE, I am sure they could do...

If they wanted to invest #1m into PIE, I am sure they could do some kind of off-market transfer. As $1m would be 5% of this company, they'd have to do a substantial holder ANN. I've never seen one of those done for a placement. I don't knows if it is just organised by a broker, but I reckon half these SI's would know nothing of the companies they "invest" in, and probably just wait for the broker to sell it for them after the pump (all part of the service), and get sent a cheque. One can't expect SI's to sell their own shares when they are busy playing golf.

I'll have to make it my business to find all this out one day. However, from seeing how things look to operate on the ASX, the role of the SI is to get funds for the company. Their own investments are another matter.