shortfall announcement, page-33

The key phrase in the announcement that needs to be clearly understood is that "the shortfall does not include the subunderwriters" who in fact legally and collectively committed $1.5m to the capital raising. This represents a 82.19% takeup of shareholders and subunderwriters collectively. The other 17.81% represents the actual shortfall which will be taken up by most of the subunderwriters by week's end. But you are right Chaffcombe when you suggest that a precursory read of the announcement could perhaps leave you wondering about the success of the capital raising but certainly not when you fully understand the legal contribution of the subunderwriters to the equation!