Regarding the extras in the secondary subscription, as far as I understand, a minimum of 8.6% extra is certain as follows:
One can speculate on it:
- If Sentica, as the 30% underwriter of the offering, is not involved in the secondary subscription → 8.6/(100%-30%)=12.3% certain, assuming everyone in the secondary subscription subscribed for at least 12.3%.
- If 50% of those who gave advance commitments are not involved in the secondary subscription → 8.6/(100%-50%)=17.2% certain, assuming everyone in the secondary subscription subscribed for at least 17.2%.
- The above figures can be doubled if, weighted by shares, only every second person subscribed for secondary shares, resulting in 24.6% / 34.4%.
- If the portion exceeding 100% (8 percentage points, 8 million shares, 800k EUR) has come from subscribers who had no subscription rights at all, then everyone who subscribed for secondary shares through rights will each receive everything they requested.
But quite true, all the ingredients are here for a generous amount of shares in the secondary subscription, perhaps even everything requested for everyone.
If I recall correctly, even in Finnair’s (Finski’s) second offering, everyone got everything they wanted in the secondary subscription, but usually, one’s own requests (25% extra etc.) have been cut to the 5-10% range, especially when underwriting is sorted.
Let’s see, the secondary allocation will be on April 21st; that’s next Tuesday.