Ann: Trading Halt, page-3

The takeup of the share offer was less than expected so the shortfall is being offered to institutions. I thought this was likely based on the offer price being so close to the market price at the time of the offer. The CEO obviously thought that the discount to NTA and the fact that the offer included both the imminent current dividend and the special dividend was enough incentive for holders to take up the offer. The direction taken by most ASX companies going down the CR path of late has been to offer substantial discounts and I think holders think that SNC should have done the same.