Ann: Entitlement Offer Update, page-19

In the notes of the Prospectus it says

"If MACA and/or Lind take up a portion of their respective sub-underwriting commitments, amounts owed to them will
reduce by the corresponding amount, with funds raised under the Entitlement Offer also reducing by that amount."

Since the target fund raising was $25.8m and the amount raised was $25.8m it seems to me that both MACA and Lind took up... ZERO.

.

So of the $25.8m raised,
$1.8m is used to pay expenses of the offer,
$10m is as a repayment to Lind and MACA and
a portion of the $4m working capital is being allocated to further repayment to MACA.

Saying that Lind and MACA were sub-underwriters was all smoke and mirrors.