The MD can't participate in the raise. He is not eligible as he is not registered in Australia or New Zealand.
"Two of the Directors intend to participate in the SPP as follows:
(a) David McAuliffe for his full entitlement of $30,000;
and(b) Howard Digby for an amount up to $15,000.
The other Directors are unable to participate on the basis that they reside overseas and are not eligible to participate in the Offer (refer to Section 4.2 for further details)."
Ann: Successful $2.5 million Placement and Launch of SPP, page-68
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