Hang on! The capital raising was underwritten by $7.2 million...

Hang on!

The capital raising was underwritten by $7.2 million and Lepidico declared oversubscribed with $9.6 million raised.

According to the prospectus the underwriter receives 1% of the total amount issued, with a further 5% of the underwritten amount, which would calculate to be $96,000 + $361,298.75 = $457,298.76

Then there is this bit: pay a placement fee of 5% of any shortfall securities placed beyond the Underwritten Amount. This will apply to any amount that might be placed in addition to the amount raised under the Offer

Exactly how much is Mahe Capital Pty Ltd eligible to receive from the $9.6 million raised?

At $457,298.76 these guys made in excess of 20% out of the shareholders!