Correct me if I'm wrong but this is the raise for existing...

Correct me if I'm wrong but this is the raise for existing holders (both institutional and retailers) only, every existing holders who own 6 shares are allowed to buy 1 additional share at 42c? Totally agreed that raising price is a bit off but all that big discount goes back to the existing holders? I'm a bit concern if that big discount awarded to new investors with the sacrifice of existing holders. That big discount encourages its employees and its directors to participate in the raise as many of them hold big lots of bth shares (just my 2c speculation and don't really know whether they actually participate in this raise. Wait and see though). That big discount tends to benefit those who own lots of shares choose to participate in this raise as they spend less for lower price than at higher price. The only not so good for this raise at lower price is dilution.

Anyway, I want to see the outcome of institutional book build today. From what I read this is underwritten so if the institutional offers are not taken up completely then the remainder will go to the underwriters, assumed Cannacord and Bailieu? I'm not sure with that outcome, these brokers will be freely to choose the new investors to sell the left over or they will hold and sell on market? If the left over is awarded to new investors then they may have advantage over existing holders. If all existing holders choose to take the rights then there is no different at which price they raise only dilution count. This is my personal point of view, please correct me if I'm wrong.