Ann: AWB successfully completes equity raising , page-18

re: Ann: AWB successfully completes equity ra... Free will,

One point of clarification - just spoke to investor relations at AWB...if you did oversubscribe by greater than $15k and only held say 500 shares, you will still get $15k. She agreed the announcement was ambigious and disadvantaged small investors who showed confidence in the company by applying in excess of $15k, given it was a fairly arbitrary cut off pt that could make the difference of circa 12,500 share allocation with shareholders who both held 500 shares and one applied for $15k and the other $16k.

So some good news....but overall it is still an awful result for shareholders who continue to get disadvantaged by large insto placements & underwriter allocations.

Underwriting is all about taking care of shortfalls and they get handsomely rewarded in fees plus take further insurances and sub underwriting....in this case they were given far in excess of the overall shortfall of applications from eligible retail investors.