I had a broker friend email me the following;
Implications of $4.5b underwritten DRP issuance announced by ANZ, NAB & WBC.
Based on historic participation estimates the following value of shares will be sold on-market in the coming weeks: ANZ $891m, NAB $1004m, WBC $970m. Could cause some digestion issues - look for buying opportunities during the DRP period.
Can anyone explain to me what this exactly means and how it is going to work?