MM, I agree with you about the figures but also note that todays ann also said:
The fixed price bookbuild of entitlements not taken up under the Institutional Entitlement Offer was heavily oversubscribed.
I was surprised by the small amount raised by the insto component and agree that the retail component is to large for the retail sector to fill. However, the shortfall will enable shorters to cover and also let lenders obtain shares at .26 which they would not have been eligible for as they had lent out the shares. Hopefully the shorters will now clear off.
Entitlement Offer record date Thurs 27, page-66
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