Ann: Successful A$9.5m institutional placement, page-38

You might want to freshen up with ASIC's requirements champ

https://asic.gov.au/about-asic/corp...ance-update/corporate-finance-update-issue-6/

What has been stated by Talga below contravenes ASIC's Issue 6
"In the event the Prospectus Offer is oversubscribed, the Company may apply scale backs. In conducting any scale back, the Board may take into account a number of factors including the date that the applications are received and the extent to which the applicant has sold or purchased Shares since the Record Date. This means that the Company may reject certain applications, in whole or in part. Accordingly, Talga encourages Eligible Shareholders who wish to participate to act promptly when the Prospectus Offer opens."

The document does not explain the scale back and offers significant discretion to the Board.

ASIC do need to be informed about this - disgraceful.
Thank you for prompting me to look into it further