Why do you think Drake can't take up? Issue ann notes Retail outside ANZ are ineligible, no mention of wholesale. Also specifically says that the MacEquity fee excludes funds raised from Drake and Directors so it would seem to envisage funds coming from them.
It also seemed that Drake were one of the parties objecting to the initial raising and backed McLarty in the board spill, I expect if they had an issue with subscribing that MacEquity would direct their shortfall back to them through the shortfall placement.
Ann: Capital Raising, page-27
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