not sure about ironstone but SIV have used morgans for the last...

not sure about ironstone but SIV have used morgans for the last couple of cap raisings so I don't think they have changed directions to do this. ironstone is probably involved in the mezz debt. I like the idea of a pro-rata. with mezz debt lined up and syndicated debt sorted it makes sense to give existing shareholders the opp to buy more cheaply, reduce their avg buy price (mine anyway) and shore up the BS. perhaps morgans have looped into their financial planner network for the money. not sure but would like to know whats going on.