entitlements offer

Is everyone clear on the process?

My understanding is:
- the entitlements NOT being taken up by institutional shareholders go into a pool and basically "auctioned" via a bookbuild process to other institutions and brokers
- if the bookbuild/auction price is greater than the $1.45 issue price, the surplus is paid to the shareholders who chose to pool rather than take up their rights.
- Blackrock and Baker Steel have an upper limit of $1.98 in the conditions for them to take up their portion of the Newcrest entitlement.

Lets say the price ends up being around the current EVN share price of $1.70. That would mean a return of 25c for each right left in the pool.

We then go into normal trading for a couple of weeks, before the process starts again for us retail shareholders. If the first institutional bookbuild goes well, there should be strong demand by funds wanting a position and we could see a higher price set.

So we need a strong result/ high price set today (announced today or before open on Monday), followed by some good news over the next 2 weeks.

I'm considering how many of my rights I will take up. But a cashback for Xmas has some definite appeal too.