sandyAlthough I would also have liked a shareholder component...

sandy

Although I would also have liked a shareholder component ... on reflection I can see a number of possible problems with a spp including 1) costly 2) they needed to have plenty for Patersons's clients to ensure the underwriting 3) major holders needed to be satisfied.

All this probably left too few to be worth issuing to shareholders ... would it have made a big difference to most shareholders to be offered an additional $5,000 worth of share at 55 cents?? Having a broker willing to raise capital and institutions and major holders on the register is probably of more value to the company long-term.

H