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Friday, 1 Jun 2018
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Getting killed in banks

More negative sentiment with ANZ up on criminal charges (along with a few others) after the Lead Brokers to their August 2015 $2.5bn capital raising took 25.5m shares themselves in an accelerated rights issue at a discount, presumably turning the shares out almost immediately for a large profit at the expense of existing shareholders. These Accelerated Rights Issues really are a con because they disadvantage the smaller shareholders and offer a select few institutions the opportunity to take discounted stock, institutions that may not be shareholders but qualify for this free money on no other grounds than being institutions that are favoured by the brokers. Seems the brokers have been putting their snouts in the trough at the same time. Couldn't help themselves. They take the stock

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