Capital Raising Estimate, page-3

Now that I've put a narrative around it, it's prolly a lock that it won't happen. At least, that's how it normally works.

Care to make a guess? No judgement and I'll throw in 1 x thumb and 1 x globe if you come close!

On a more serious note: AFR is reporting a book message sent to fundies that the (now closed) insto placement and entitlement bookbuild demand exceeds the size of the WEB offer. Will be interesting to see how it goes when WEB trading is reinstated in the morning.

Forgot to mention in my earlier post, although it should be self-evident, that the structure/pricing of FLT's eventual raising will be heavily contingent on how the instos and the after-market (open trading) respond to WEB. (The retail element of WEB's raising will most likely not be known before FLT jumps).

PS. I was quite surprised that the WEB offer price wasn't more heavily discounted, under the circumstances. Most likely reflects the fact that the worst of this wave of panic has very much subsided... for now, at least. The general consensus appears to be "go early, go hard", which is prolly v.good advice.