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First cut is deep for Downer

Mar 23, 2017 - Australian Financial Review

The hard work has only just begun for Downer boss Grant Fenn.

While naysayers have been lining up for the past two days, the first real body blow landed when some of his biggest shareholders voted with their feet and opted against tipping into Downer's $1.01 billion equity raising.

By Street Talk's back of the envelope numbers, existing institutional investors took up only about 65 per cent of shares available to them as part of the rights issue. And that's despite the lure of a 20 p...