blacks, you may be missing something here (or I am as I dont...

blacks, you may be missing something here (or I am as I dont follow SBM).

Basically, form my understanding Macquarie underwrote the issue is that correct?

Well, if so, they were onviosuly stuck with plenty of stock. It is not their business (unless it is the funds management arm), to own shares on their balance sheet. So, what you find underwriters do is gradually offload the stock.

So, they will be gradually selling down (and probably have been doing so for some time). They dont really try and take a position to make money on it. They simply offload and try to minimise losses.

Just like a bank putting someone's house up for a 'mortagee auction'. They dont enerally have a reserve and simply take what they can to cover their outstanding loans and simply write off the difference.