RE:RE:RE:RE:RE:RE:RE:The deal closed...You are way off in estimating how much was unsubscribed. The bought deal was closed very quickly with some of the underwriters. It was RBC, and bmo I think, that were left with some shares.
Rbc had 22% of the entire offering, so it's not surprising they had some left.
More likely that 20-25% were left unscubscribed.
Regarding cleaning up the unsubscribed shares. Well waiting a week, last week, saved the syndicate 14% didn't it. If the syndicate is sitting on another 7 million shares, it's not that risky to hold them while the price recovers, especially when they know the price drop was overdone and likely manipulated. Yes, they don't like that they are holding shares, but to suggest that they will immediately and simply cut their losses is incorrect I believe. Rather, they will wait and likely support the shareprice while it rises, which my research indicates can happen when a bought deal is hung.
Finally, even if they do let the unsubscribed shares go at say $5.2-5.28(assuming they hold on that long, which I believe they will), that would be a good thing. They don't have to publicize it, and some institutions would clean up the rest of the shares very quickly. Actually, that would be a great thing, because there would no longer be this overhang, and the stock could be set free to rise quickly again.
So, a clean up trade at a slight discount, if it even happens, doesn't make one difference to how much money cj gets, as you know. However, it would free the stock from its chains.
Finally, there has been a lot of money invested in cj at $5.50 already, and you can be sure they want to support the stock price and get this all in the rear view mirror -which is one reason cj was up 14% last week imo. Yes oil was up, but many other stocks were flat.