Ann: Supplementary Target's Statement, page-3

The offer stinks

"
Independent Expert and the Lepidico Directors, that the Lithium Australia Offer is neither fair nor reasonable. As at 29 March 2017, only 0.1% of the Company’s shares (excluding pre-bids) had accepted the Lithium Australia Offer, despite the Offer having been open for 10 days.

The Lepidico Board continues to harbour significant concerns about SileachTM, and Lithium Australia’s business model and financing capabilities given its existing commitments. Lithium Australia reported $6.0 million in cash as of 31 December 2016 with an estimated $2.15 million in cash outflows for the quarter ending 31 March 2017. Lepidico shareholders need to be aware that should Lithium Australia’s expenditures continue at the rate outlined for the March 2017 quarter it will need to raise substantial new funds before the end of the September 2017 quarter if it is to remain solvent.

Lithium Australia’s ill-conceived funding strategy includes 132.9 million $0.25 partly paid shares (with outstanding calls of $0.2499 each) which remain deeply out of the money as at the date of this announcement. "

Hi, Can someone please explain in layman terms the partly paid shares.
Thanks