Hi Auto, I've read and re-read the doc many times as it read...

Hi Auto,

I've read and re-read the doc many times as it read ambiguously. I think the terminology being used invites misunderstanding. That said, for this equity raising:

a. Placement targeted a certain amount was "secured" by a cornerstone for a certain amount - since the exact info is shall we say "privileged" then based on the ASX release, we know the Placement failed to reach the target amount because it was not underwritten.

b. The Priority Offer, is underwritten. This is the retail offer. Now what is different in the retail announcement is that the amount to be raised is higher (but not as much as the difference from the Placement target). This is what @Autosime is telling us

c. Pattersons calls the "Placement" PLUS "Priority Offer" the "Capital Raising". This is what is confusing the general population


IMO both @Autosime and @Wazz101 are both right (but technically @Autosime is most correct)

i.e. Only the Priority Offer is Underwritten NOT the entire Capital Raising!

As an aside, Pattersons also invited sub-underwriters for the Priority Offer.


As to who walked into what turd and how big and steaming it was shall be left to the reader.

I'm sure there will be more opportunities in the future to discuss capital raises.