I'd be very surprised if there were not some increase in substantial holding statements released by existing top 20 shareholders who have taken part in this issue. That to me says that these "Sophisticated Investors" are in agreement with management about delivery of strategy and creation of shareholder wealth.
I see the company as more than middle of the road in that they at least had the courtesy to do an SPP for the smaller shareholders. Worked well at SDL and has done for many others.
AZZ Price at posting:
29.5¢ Sentiment: LT Buy Disclosure: Held