Ann: Trading Halt, page-16

"Congrats to management on the structure for the raising, looking after retail."

Indeed.

Despite this being a large raising and despite the offer price being at a juicy discount, they've kept matters nice and tight; thereby creating creating pricing tension, with investors looking to enter the register mopping up surplus stock from those shareholders recycling capital to fund the take-up of their entitlements.

Little wonder the share price never went even close to TERP, and is now trading at a whopping 35% premium to the offer price.

And I have a suspicion that very little of this was the design of the corporate finance department at Morgans, but was an outworking of the intentions of the M7T board.

So, I second your congrats to management.

(What I'd like to see now is a degree of stability in the ranks of senior management because its been a bit of a revolving door of directors, especially the MD position, where there's been three in about as many years.)