The directors have committed to the shortfall of share according to the prospectus.
"2.11 Sub-underwriting by Directors As at the Prospectus Date, the Underwriter has procured sub-underwriting commitments to the Shortfall to the Entitlement Offer from the following Directors (or their associated entities):
Director Sub-underwriting commitment:
Peter Bird 1,000,000 New Shares and 250,000 New Options.
Sub-underwritten Amount $15,000 Ian Prentice 3,333,333 New Shares and 833,333 New Options.
$50,000 Ranko Matic 2,666,667 New Shares and 666,667 New Options. $40,000.
The allocation of the Shortfall to any Director or Related Party of the Company will be made subject to the Shortfall allocation policy described in Section 2.13."
About 70% was taken up in the rights issue, so there was a 30% shortfall.
Those directors committments mean that the should receive about 30% of what was applied for in the sub-underwriting,
provided the underwriting was allocated on a proportional basis.
I am only going by my committed to the underwriting which was reduced to 30% of the original amount after original acceptacence.
(Many holders took up shares in the right issue as I did, which then lowered the obligation for subwriting.)
Hope this helps.
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- Ann: Change of Director's Interest Notice x2
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Ann: Change of Director's Interest Notice x2, page-7
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