Ann: Results of Entitlement Offer, page-8

Surprise placements are crook. You raise a certain amount of money because you need that amount of money. At least, that's how it's meant to work. Conduct like this suggests they didn't get their numbers right to begin with.

And as for the claim about excess demand. Firstly, it is abject nonsense - the raising was undersubscribed!! Secondly, if there IS huge excess demand (which there isn't here, but IF), that's an indication that you raised too cheaply and so you if you really want more cash you should hold back and collect it later at a higher entry price.