Ann: Becoming a substantial holder, page-4

Looks like the sub-underwriting agreement was a proportion of the shortfall, rather than the first $7.2M (85M shares). I guess we all misunderstood what that meant. The maths adds up. $15.1M shortfall out of $23.2M total issue = 65%. 85M*65% = 55.3M shares, within rounding errors of the 55.1M issued.

Section 4.8 of the offer booklet:
If you do not accept all or part of your Entitlement in accordance with the instructions set out above, those New Shares for which you would have otherwise been entitled under the Entitlement Offer will be acquired by the Underwriter or any sub-underwriters (as allocated in the Underwriter’s discretion), subject to the terms and conditions of the underwriting and sub-underwriting arrangements.