underwritten at $2.95 is not bad considering would have been trading around the $3.30 today anyway. If oversubscribed by instos then might not fall as much as could have.
Just have to trust management on this one.
They’ve done a great job last many years so will give them credit that they see value here and going to create more value than other opportunities short term
Could end up being good passive income long term to invest in other opportunities like RED etc that will arise over time