CDY Valuation and Broker Recommendation, page-8

Yes Redant.

The Broker does hold stock..  Interestingly it is a pre-requisite for WH Soul Pattinson to invest in the raising was that the Broker must have and retain skin in the game.

Here is a piece from the AFR about WH Soul Pattinson and their track record 

"Washington H. Soul Pattinson might be considered one of the more boring companies on the ASX, but it boasts more than a century of unbroken dividends, a long-term track record of outperformance, and a chairman, Robert Millner, whose extended family's wealth is tied up largely in shares of the company he manages. Millner has also been a regular attendee at Warren Buffett's "Woodstock for Capitalists" – the AGM of Berkshire Hathaway. That's some combination, and proof that boring can, indeed, be beautiful."

W H Soul Pattinson has a record of picking winners so if the report means anything to you think about why $9M was invested by this company and Sophisticated investors.  I also believe that the private company of the Directors have invested in the raising.  A look at the register would be interesting !