I suspect the net pay will end up being hundreds of meters but...

I suspect the net pay will end up being hundreds of meters but SM is ultra conservative and that has not helped 1 iota IMO.
I suspect PAC couldn't give a shite. They collected their massive fee for zero risk. Who sells is not their fault.
Having said that I get the feeling that SM has all but cut ties with them.
Put it this way. A big PAC client gets zero shares because the company chose to zero them out.......I suspect that would have gone down like a lead balloon.
On the plus side IF SM has cooled right off on them then it means IMO that there is interest elsewhere because if there isn't cutting your nose off despite your face comes to mind.
Also I think they will eventually place the hang over from rights issue. That will give them 30 million to do a meagre 3D and flow test this year.
I do have this nagging feeling though that IVZ are on a go slow until the Gov sign the PPSA .
For starters we should have had out East prospective numbers by now??