The way I read it is Phylogica wanted the maximum potential of capital raised through the RI as overseas shareholders where excluded it would of lost that percentage able to participate --- there are a few - Ascent is based in NY & the placement when they entered needed a US placement agent. This outcome just meant their Rights went into the shortfall I guess which is probably a decent part of what we picked up in the extras & then Hocking & Pattos underwrote ?
"A broker that is part of the sub-underwriting syndicate has consented to be nominated to sell the entitlements of shareholders outside Australia and New Zealand. An application to the Australian Securities and Investments Commission (ASIC) to consent to this appointment is also expected to be lodged today. ASIC consent to the appointment is required prior to the rights issue."
PYC Price at posting:
2.6¢ Sentiment: None Disclosure: Held
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