re: Ann: MQG: Macquarie offer to eligible uni... only a guess,
As MQG are not paying for the units but are taking the liability, they might have structured the offer as an underwriter hence they might avoid the 20% rule.
eg if 60% of people take up their allocation then MQG(if sole underwriter)would own 40% of units(ex original holding
Ann: MQG: Macquarie offer to eligible unitholders, page-27
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