flows and capital raisings, page-7

Marion is hoping to have the coming rights issue underwritten.
I presume the vote on this placement will be at the coming AGM, usually in November.

There is no way Marion could approach financial institutions to ask for the underwriting of this issue at 15c if the sp is trading at 15c as it is now. I have never heard of a placement being done at the current sp, these institutions would be crazy to underwrite such a thing and Marion's management (certainly their advisors) would know this. Nor, IMO would they underwrite this if the sp had just spiked up a few days earlier on a good announcement. What they would be looking for is a sp that has been consistently above the 15c for at least a few weeks.

This is why I believe an announcement re flows can't be too far away.

The underwriters will need time to do their dd on the issue, prepare forms, legalities etc etc
Then SHs will need time before the AGM to consider the proposal they'll vote on.
IMO Marion would have known the sp would drop to 15c after the placement, and also are aware of what is required to get this underwritten etc in time for the AGM. If they thought they had no hope of achieving this, they wouldn't have mentioned the underwriting in the last announcement. Now people will expect it.