Hi @reginaldp and @pld89This was the Retail Entitlement Offer...

Hi @reginaldp and @pld89

This was the Retail Entitlement Offer qualification condition:

" To qualify for the Retail Entitlement Offer, you must:
(a) be registered as a Shareholder at 7.00pm (Melbourne time) on the Record Date;
(b) have an address in Australia or New Zealand as recorded on MSB’s share register as at the Record Date;
(c) not be in the United States and not be acting for the account or benefit of a person in the United States
(to the extent such person holds Mesoblast shares for the account or benefit of such person in the United
States);
(d) not have received an offer (other than as nominee) under the Institutional Entitlement Offer (and not have
been treated as an ineligible institutional Shareholder under the Institutional Entitlement Offer); and
(e) be eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer without
any requirement for a prospectus or other formal offer document to be lodged or registered "

So, as I see it, unless participating under the Institutional Placement and Entitlement Offer none of the non-AU Board holders could participate the in same way we all did at retail level. I believe CEO Itescu was the only one of the Board members (AU or non-AU) who could make the cut in the Institutional Placement and Entitlement Offer. I think I wrote last December that I felt this was part of the reason Dr Krause and Chairman Swedish went out and bought ADRs. At least that was part of the message I took from their purchases at the time.

But this subscription by Dr Rose is more significant than by any other Board member apart from the CEO and it appears to be for securities listed on ASX. So it may be that Dr Rose has simply had to wait until the expiry of the Retail Entitlement Offer and the Board's decision on placing the shortfall to see what was available outside the offer & get his finances together.

Given the other concessions Board members and other employees are making on deferring/ forgoing employement benefits atm, it looks OK to me. And it's not an option. The MSB shareholders have to decide on it at the AGM.

Cheers