Ann: Successful completion of the Retail Entitlement Offer, page-4

"I guess it was always going to be 'successful' because it was underwritten....

That's a lot of stock to be sold for the underwriters to recover their funds !"

Yes. If we take  DARs take up of $476m out of consideration, the take up by other retail holders was $95 out of the remaining $625m to be raised, or about 15%. That's hardy a raging success but unsurprising given that the retail issue was under water..  

It looks like the company is getting its money's worth out of the 1.58% fee that they are paying the underwriters for the funds raised. I am surprised that the fee was so low.

By my estimation, the underwriters will have been stuck with about  7% of the expanded stock on issue. That doesn't quite rival Donald Trump's hairdo, but it is still a sizable overhang.

However, it will  probably not be that difficult to offload to institutions.

Have we got a bargain for you...

Cheers