The Worst Capital Raising Ever, page-7

The stock is extremely liquid, any institution wishing to take a position can easily get one on market.

Insto's are militant about their access to discounted raising because they're fundamentally valuable.

In terms of getting $100m from retail? Easy.
1) Youdo a rights issue with trading rights. Any non accepted rights issued toretail investors are auctioned to the same institutional investors, who providefinancial compensation to the retail investors for dilution incurred, OR

2) You do a non-renounceable rights issue. Any non accepted rights issued to retail investors can be sub-underwritten byinstitutional investors, who then purchase what retail doesn't want.

Both are quick, both give existing investors first go at discounted equity, both are underwritten and guarantee your capital.

I dont think the strategic value of T/O blocks is valued - the whole exec team just sold out themselves