Sorry, I must disagree.
As far as I know, only the official "underwriter" is listed in a prospectus - i.e. they are on the hook for all of the shortfall. This is their obligation with respect to RCR.
However, there is nothing that stops Macquarie from asking someone else to be a sub-underwriter. Any such agreement would be between Macquarie and the sub-underwriter rather than RCR and the sub-underwriter. Therefore this does not need to be disclosed in the RCR entitlement offer prospectus.
Institutions (both holders and non-holders of RCR) who might be asked for interest in sub-underwriting would usually be approached before the actual shortfall amount has been determined.
A quality underwriter will seek to place shares with sub-underwriters who are likely to hold onto the shares for a while, while poor quality underwriter takes their fee and dumps the shares they are stuck with and hopes that companies are not market savvy enough to notice the difference between good and a poor service providers.
Of course, if the offer is a disaster and no willing sub-underwriters are found, the underwriter can be on the hook for the full amount. Given the relatively good outcome on the institutional offer, I somehow doubt that Macquarie would not have been able to garner sub-underwriting interest for the retail offer shortfall.
Just to confuse things a bit, I believe there are some situations - with very large offers - where there might be official "sub-underwriters" listed in the actual offer prospectus as you suggest. This is where a large broker might do most of the marketing of the offer to the broader market and therefore collect a higher underwriting fee for their services, while smaller broker houses who play a more passive role and just pass shares to their own clients get a smaller fee and the less prestigious "sub-underwriter" title in the prospectus. In this situation, both the offical underwriter and sub-underwriter would have an agreement directly with the company in question.
All just my understanding of how tings work. Happy to stand corrected or be educated by someone with better knowledge of how these things work.
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