I think the only logic here is they were expecting the sub-underwriters would buy. And probably had some understanding to that effect. No sophies, no instos, just sub-under-writing agreements.
The trouble, I presume, is the subs have realised that they are in a position of strength here. And have said bend over instead.
Ann: VRX Launches $3.1m Renounceable Entitlement Offer, page-142
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