I’m sure @Mujo and I received the same email from IR and the first half is below. I’m yet to receive a follow up on what makes these institutions “high quality new investors.” Are they bringing useful guidance to the business or more likely to pump the stock so equity can be used for acquisitions rather than cash?

I mentioned they could go without the dividend but that was not addressed.

Email signed off by CFO below:

Thank you for your query and I appreciate increasing your holding is not easy as liquidity can be an issue and is a key reason for us brining new institutional holders onto the register. Dilution is important to the Directors and is a key driver of keeping the raise small. Key feedback EOL has received was that liquidity was an issue and that when EOL last raised there was no rights issue to existing shareholders. In this instance EOL looked to balance both and when the placement was made and bids received, there was a compelling case to upsize to accommodate what were some very high quality new investors.

The second paragraph was exactly the same as @Mujo ’s post.