Really good question Colonnade !Yes its the same Patersons....

Really good question Colonnade !

Yes its the same Patersons. Perth broker that specialises in underwriting a lot of spec raisings. Based on the large sales that went through market in the weeks immediately after the cap raising i concluded that they disposed of the 10M short fall they were lumbered with. There were on 1 day 4 x 1.5M parcels that went through pre market opening. Add to that the vicious sell down to $0.33 on large volume. 

They are in the business of underwriting. For which they earn big fees. Holding a shortfall in a spec in the hope that it will rise in value is not generally their M.O. It could be a quick way to go broke if you get it wrong. 

However based on deductive reasoning i'm just speculating they no longer have that shortfall holding.