Please explain., page-52

I presume you are talking about AEF when you mention the 20%, the way I see it AEF are willing to underwrite the second issue up to a holding of no more than 20%. Above 20% has certain compliance issues whereby they may have to issue a takeover. The amount they end up underwriting will be dependent upon the amount taken up by other shareholders i.e. if no other shareholders took up any shares the most they would underwrite including their own issue would be 16,155,941 bringing the shares on issue to 201,949,260 (185,793,319 + 16,155,941). 20% of 201,949,260 = 40,389,892. Their holding would be 24,233,911 + 16,155,941 = 40,389,892. In this worst case scenario the SPP issue would be a shortfall of 62,500,000 less issued 16,155,941 equaling 46,344,060 at 3.2 cents equals $1,483,010.
I hope you can see the mathematical complexity of the situation but the end result of this issue is fully dependent upon how many shares are taken up by other holders.
In addition if the shares are fully subscribed and AEF do not end up with 20% IMO this will not necessarily mean that AEF are prepared to buy on market to eventually hold 20% of ANP