ASX BookBuild offers a fair share

If you’re not angry about the state of capital raisings in Australia, you should be. Too few companies have been using the fairest method: the pro rata entitlement issue, also known as a ‘rights issue’.Rights issues aren’t always feasible, of course. When speed matters, most companies opt for an institutional placement. The company engages an investment bank, which then conducts a ring-around amongst its clients. Hey presto, hundreds of millions of dollars are raised before lunch.But the traditional institutional placement is coming in for criticism, and deservedly so. It’s conducted behind closed doors, with the investment bank effectively setting the...

If you’re not angry about the state of capital raisings in Australia, you should be. Too few companies have been using the fairest method: the pro rata entitlement issue, also known as a ‘rights issue’.

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