How's the underwritten rights coming along boys?

Just to add salt to the wound, here is an article from today's AFR... have a look at who is now on your register:

ASIC advisercrackdown has tongues wagging in Perth

Myriam RobinColumnist

Mar 5, 2020 — 12.00am

Few corporate advisers would recommend floating in the wake of the market's retreat. Only two ASX IPOs are currently scheduled for March.

Out West though, tongues are wagging about another possible reason for the dearth of new listings. On February 17, a widely attended information session held by the ASX and ASIC put the small-cap lead manager and corporate advisory sector on notice about conflicts of interest and fee gouging.

The session – headlined by ASX chief compliance officer Kevin Lewis and to date held only in Perth – followed the December release of an ASICreport flagging concerns about poor behaviour in small-cap mining floats. The regulator isn't a fan of advisers putting people on the boards of companies they're raising cash for, exercising inappropriate control over the register through preferential allocations, or the provision of ongoing services to such companies such as investor relations or promotional activities that give share prices a short-term bump. (Remember, evenInstagram models are pumping floats these day.)

You'd expect the warnings to have an impact. Perth is home to many of Australia's listed small-cap mining explorers, such floats accounting for 35 per cent of IPO activity in 2018. And given many of the companies at this end of the market have uncertain prospects, conflicted and ongoing remuneration is often the only way their corporate advisers and lead managers can be sure of profiting for their services.

ASIC's concerns were informed by its examination of the parameters of 25 recent transactions, the corporate advisers responsible pointedly outlined in the appendix. So take a bow GTTVentures, EverbluCapital, PAC Partners, Discovery Capital Partners and Xcel Capital, all of which had two transactions apiece examined. Rear Window favourite Morgans also got dragged in, though, ASIC notes, its review of Morgans' deal structures was "not transaction-specific".