Yep - the issue could fail. The sub agreement will certainly have a 'get out clause' if SP or overall market react poorly for a period of time. Usually 10% drop in ASX and sub issue price for 3-5 days.
That being said the underwriters here (and subbies) I understand have previous exposure through prior share issues with GGG, hence would not be keen to see it fail.
Someone mentioned the option value - yep, with the volatility this one has they would have some value, but could not confidently say that will sway punters if fear outweighs greed.
I think $3M will be there but would not write off a repricing or extra options to get it over the line.
GGG Price at posting:
3.1¢ Sentiment: Hold Disclosure: Not Held
