I believe your understanding is correct but it is so hard to determine anything as there is no little information published by the company around this share issue.
I doubt he paid a cent for any of these shares as it would have had to have been disclosed and still shows as loan shares but then magically become unlisted options in the prospectus issued for the raising in Sept 2022...
Last announcement from 2022 on LO share ownership I can find from the company website
Announcement about the loan share issues which shows him as the owner so when the company made an announcement that all the directors would take their full entitlement up for shares in the entitlement offer of Sep3 2022 LO took up zero shares. How is this not a misleading statement made by the company.
The correction to the entitlment offer booklet statement that was only corrected once it was brought to the companies attention that statements they were making didn't add up.
The table below seems to imply that the 24M loan shares are now unlisted options.
The table that was publshed showing incorrect uptake by MB
