I get your point about the fee (standard situation though, eh!)...

I get your point about the fee (standard situation though, eh!) and I also get your point about a broker's client flogging shares for a quick profit without having any consideration at all for the prospects of the company concerned. After all, some SIs only pay up so as to make a quick buck, and they usually have a flying start by paying a low price after the application of a big discount on VWAP (up to 25%).

That's pretty much the norm isn't it, and that is what you are saying I'd say.

BUT, this is different, and so is the previous placement done by Somers at 8c. The previous one (mainly to JPM UK) was done above the prevailing price, and this underwriting was also done above the prevailing price.

Hence my last question.