I wonder since there is no underwriting of this share offer, to...

I wonder since there is no underwriting of this share offer, to what extent a private placement may eventuate if shareholders fail to take up the offering? We have one major shareholder who is investing in infrastructure, we have directors who have sizable investments in ROY and we have other major investors. If ROY went to major investors first, wouldn't there be an outcry from current shareholders claiming "why weren't we offered some share?". I think ROY management have options up their sleeves and the fact that this share offer is not underwritten seems to be a major sign of this. The share offer may well fall short but I do think ROY will secure the funds to move this project forward. I will be taking up the share offer. ALL above IMHO.