SS, my interpretation of the announcement is this:
- They were going to do a bigger CR,
- Then they negotiated the BlackRock deal,
- I guess some "sophisticated" investors had already signed up to the original CR in the meantime, and they couldn't burn them so the CR was reduced to their commitment, or thereabouts, which must have been in the vicinity of $2m.
$2m seems a paltry amount in the circumstances but would you bite the hand that feeds you?
IMO it's a way better deal now. BlackRock are locked in for a larger share and they are pretty unlikely to dump into the market. As for where the rest of the $2m came from, it might pay to keep an eye on the next Top 20.
My 2c worth, not $2m worth.
ann, page-4
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