I don't see this as being odd. Most underwriting agreements are...

I don't see this as being odd. Most underwriting agreements are based on purchasing shortfall stock, thus guaranteeing a certain level of take up (underwritten amount) and demonstrating confidence. I doubt that an MD can just allocate themselves that stock without it first being offered to shareholders. In this market I suspect there to be a relatively large shortfall so there is a reasonable chance that Carl will get a reasonable chunk??

Nothing sinister here. Very rare for an MD to underwrite to this level in my experience, so I see it as a positive.

Cheers

Doyle