That cap raising doc says "NOT FOR DISTRIBUTION OR RELEASE IN...

That cap raising doc says "NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS".

If that's to prevent a big fish from finding out about Downer being a big fat juicy takeover target ripe for the pickings I don't think it will work very well. They only have to go to Downer's website or the asx if they want to read it.

Then there's the new shares. Apparently Instos can get their $3.25 shares and sell them on the market before the retail investors can get any $3.25 shares. So if the market goes down Instos can sell but retail investors have to wait.

Sounds a bit biased toward instos. Normally its the other way around. ie instos cant sell for six months.

Perhaps the $3.25 shares are already all sold?