SPP, page-17

I agree. The directors could have easily issued to the small shareholders and THEN sought the extra (if any) from the institutional investors. This would put the shareholders interests as a priority, and give credit to their tenacity in holding on to AWE through the tough times.

This action appears to be a conscious effort by the directors to favour "their mates" or themselves.

One does not know how and to who, the institutions will sell down their windfall.

Who are the insto's?