VN8 on ASX upcoming floats, page-68

I presume Vonex is giving State One some more time to offload shares to their Sophisticates and Instos as possibly takeup of the shares through the IPO has not gone as well as expected. If it had we would have heard that the IPO was over subscribed by now. Whichever way it goes IPO expires 12th June so State One will have to cough up the dough by then as they have underwritten it. I expect Vonex don't want State One to be in a position where they are selling on market to pay back the overdraft. Better to have long term support from the Soph's and Insto's on the register than have a needy seller.