That's not my point. Not sure why you think "having strong institutional interest" and raising at a premium are mutually exclusive. In fact they should correlate. Are institutions really going to ignore potential multi-bagger returns for the sake of a small discount on their initial investment?
Alan claimed an insatiable institutional demand, yet still raised at a discount. Its not a point about fairness. Raising at a discount means either the demand was not as strong as that claimed, or there's been a failure to preference the interests of existing shareholders (the vast majority of which are institutions anyway) over new ones and brokers. Judging by the SP since, it would seem the latter.
As for massive swings being more likely with retail shareholders than instiututions, we'll have to agree to disagree. My experience has been quite different. In fact you don't even need to look past CU6 - look what happened when Genesiscare had to divest. And just wait until CU6 become part of the indices ...
Anyway, not trying to rain on the parade. Overall the actions of management have been overwhelmingly positive across all aspects of the business. Just disappointing to see the kowtowing to Bell Potter which is usually the preserve of the crappy end of the market.
CU6 Price at posting:
$3.95 Sentiment: Buy Disclosure: Held
(20min delay)