Ann: Acquisition of Enoro and $50m equity raising, page-32

I tend to see it differently, particularly when a CR is linked to an acquisition. The Company's objective is to secure capital within a timeframe. Prearranged commitments from sophisticated investors and institutions have in this case secured 80 percent of the capital requirement within 48 hours, so any obligation in terms of the acquisition timetable is met.
Hansen are mindful of the dilution for other shareholders so do the right thing in terms of an entitlement offer. Here we are talking a timeframe of weeks and if the SP were, for whatever reason, to decline to say 3.60, they sit with the risk of minimal take-up.
Interestingly, have witnessed other examples where Companies have completed a placement for 80 percent of the capital required. Then ten days later offer a 1 for 10 to so called retail investors. Because of the delayed offer, the sophies and instos who just got their fill via the placement qualify for the 1 in 10 as well. Fair ???

I am quite comfortable with the Company's agenda coming first. When dilution becomes an issue, I simply top up.

Rokewa