Actually dkost HHM own 9.9M shares which equates to ( post new issue ) 5.43% of Peel.
I doubt that HHM took up any new shares in the issue. It quite frankly has no money to do so. I would think that Pitt's private companies probably contributed to the issue.
People are still paying over the odds for HHM even at the closing Peel price of $0.48. I can construct an argument however that due to HHM being so bloody tight it will attract a premium.
Broker Briefing, page-14
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