ah, OK, I may not have been all that clear.If persons a b and c...

ah, OK, I may not have been all that clear.

If persons a b and c were ok to buy shares at the placement price, then surely, (IMO) they would have been ok to receive an underwriting fee (say 3.5%) PLUS the right to buy any shortfall.

IMO is up to the Board to use this enthusiasm for the story at the placement price to create an underwritten rights issue, not just a placement, given the loyalty of existing shareholders.

This is IMO a normal approach to this situation.

The method adopted (placement at a favorable price) leads the to the issues identified above and the probity questions discussed.

f111