Shady in normal circumstances I would agree. I thought you would have picked up on the wording on annt though which is different to other underwritten Annts I have seen which simply state the raising is being underwritten by whoever the broker is, in this case Somers. I only read this annt once but it was odd in terms of wha you say that normally underwriter is the broker. What's odd with this annt it says the underwriting has been supported by major shareholders, institutions and...........I'm paraphrasing so could have it wrong. This is usually never mentioned and personally I think what they are eluding to is they had a commitment which looks like it's non binding. And I reckon Somers had 1.2m committed over phone calls or assumptions and felt they may get to the higher figure. I don't believe this deal was underwritten by Somers but rather what they believe were commitments to be frank. Underwriting was a good term to use to indicate there's some sophistication around it. All imho.
AUR Price at posting:
7.5¢ Sentiment: None Disclosure: Held
