Has been a real equity issue party over the past year. The losers of course are the elderly self funded "unsophisticated" conservative types. Their equity has been sold out from under them by liquid lunch bankers, instos. The fees made for a few phone calls were outrageous. Not to mention the underwriting party. Of course the "sophisticated" instos and bankers were happy to quietly oblige for arbitarage and investment purpposes. Australia has had the highest equity issue level in the entire world, although we only had a mild recession. Nice for the strong, terribly dilutive and loss crystalising for the weak. Legalised theft really.
