The following are approximate amounts and allow for various assumptions to be made !
433 Mil Shares on issue pre CR
270 Mil Shares approx (extra for CR)
705 Mil approx (after CR) on the Register.
Cap Raise shares
270 Mil Shares approx (extra for CR)
1) 92 Mil shares to Institutions etc (Approx 30% of new shares) Already placed.
2) 180 Mil shares (on offer to shareholders) Assume 60% take up full commitment
(108 Mil)
3) Balance to go to underwriters = 70 Mil ( may be higher)
Add 70 Mil to 92 Mil = 162 Mil
162 Mil shown as a % of 270 Mil = 60% which go to friendly institutions or the underwriters.
It is highly likely that the overall shares to friendly and insto's and underwriters may be (will) increased, and that the Institutions and Friendlies (will using the same % of the SOA and the s.249D Meeting of approx 65% and 35%) use those votes in the event of any further SOA or s.249D.
In which case, I would assume that the shareholders will now see an increase in voting (% terms) support for the resolutions at the AGM, and decrease in voting (% terms) for any against vote.
Consequences.
It would not surprise me to see a further SOA emerge in early 2018 offering between 15 and 20 cents to shareholders.
Given the increase in friendly and insto's and underwriters shareholdings I would NOT be confident that any SOA would be defeated.
UNLESS Shareholders take up all the current offer and vote in their best interests.
Interesting times ahead .
CB
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