eco quest prospectus, page-2

I thought having a prospectus meant that the offer would be for shareholders because sophisticated investors don't need a prospectus. Got that one wrong.

"This Prospectus is a re-compliance prospectus for the purposes of satisfying Chapters 1 and 2 of the ASX Listing Rules and to satisfy ASX requirements for re-listing following a change to the nature and scale of the Company’s activities."

So other posters are right. Clients of the underwriters. Why have an underwriter if it's a placement? So being a placement, why isn't it being done in a few days? This process makes no sense to me.