It's a capital raise therefore will be multiple bidding parties...

It's a capital raise therefore will be multiple bidding parties - existing institutional shareholders. Even if it's underwritten by a single entity, with that discount there's no way it won't be fully subscribed by eligible shareholders. Let's hope 'eligible shareholders' is extended to retail holders. But the board need to find a new lead manager, they're getting walked over if the $1.10 price holds true... disgusting.