Well the fact that 4.2 mill is underwritten by Pattos is pretty susbstantial isnt it?
It means Patersons lose money below 7.5- 7.8 or somewhere arounnd there (they obviously make on the fees- they get some options etc). 4.2 mill is a lot to drip feed out at around that price in order to just make money via the fees! If this is what you are suggesting.