Aren't they underwriting the placement??
i.e. if their is a placement for $50m, Kentgrove take it up and pay us $47.75m regardless of the market take up and Kentgrove are left with the shortfall? - they are also getting incentive rights, although they are issued at 200% of VWAP, so no immediate benefit.
If they're not actually UW, what are they doing? - re-reading the announcement, it is silent on this point??
Wazz
Next 12 months, page-14
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