Originally Posted by
Snoopy
That's not how I read it. The 1:6.85 entitlement covers the whole $105m being raised from existing shareholders. If you bid for more shares than that, then your bonus shares requested will come from the pool of shares allocated to existing shareholders like X-men, who do not take up their rights. If there aren't enough overbids to take the shareholder applied for shares up to $105m, then and only then, will the underwriters come in to soak up the balance for which there are no existing shareholder buyers.
SNOOPY