Some people may have been mad and not taken up their...

Some people may have been mad and not taken up their entitlement, but I would suspect it would mainly be ineligible shareholders. Refer section 1.3 of the offer booklet, only shareholders in Aus, NZ or Singapore were eligible.

Section 1.8, any shortfall will be placed by the underwriters at their absolute discretion. I haven't tried to track where they went, but it would seem reasonable to presume that given the significant value to market value, they would have pocketed the shares and profit.

Great to see another earnings upgrade, I just wonder how the Hofco acquisition will look in 12 months time. If it goes to plan, significant upside is possible.