grange on the move, page-2

Hopefully the selling will now stop. I guess we've all had enough of this selling by Paterson's.

"Any New Shares that would otherwise have been offered to those shareholders are proposed to be issued to Patersons Securities Limited (acting as Nominee). The Nominee will subscribe for and sell (on a ¡§best endeavours¡¨ basis) the New Shares on market on behalf of those ineligible overseas shareholders following the allotment and issue of those New Shares. Grange will distribute the proceeds (if any) pro rata to the ineligible overseas shareholders net of sale expenses (i.e. sales proceeds less brokerage and applicable GST)."

This is what has caused the problem, most of Grange's large shareholders ( prior to the ABM merger) live in Amsterdam, and were not able to take up the rights issue.
( No address in Aust, NZ or Virgin Is)
" „X Have a registered address in Australia, New Zealand or the British Virgin Islands;"

My friend in Amsterdam said that they will receive just 3 cents /share on the sale. Many took up part what would have been their entitlement by buying on the market at cheap prices. But there were many more than 20 million shares that had to be sold by Patersons on the market.
I hear that it's almost done.