Ann: Capital Raising and Board Changes, page-57

Hi Chippy....
Shortfall If Eligible Shareholders do not wish to take up any part of their entitlement they are not required to take any action. Eligible Shareholders may not apply for any shortfall shares. Any entitlements not taken up pursuant to the Offer will become the shortfall, which will be directed as determined by the Company and its advisers. The Company has received a firm commitment from the Lead Manager to subscribe for and/or place any unallocated shortfall shares.

Organised theft imo...making me choke on my schmackos.
Only positive I could spin would be the amount raised..$7.5m

Bet the large buyer that bought in up to 2.5c would be feeling sick now.
Wont be getting any further cash from me either....will never ever take part in another raise.

I find it hard to believe that this organised theft is actually legal.
It means that any cashed up investor can approach a company to buy shares at a large discount to the on market price, thereby undercutting everyone else who has to buy on market.

As Stormer said...the ASX is the largest organised crime syndicate ever, where self interest prevails.
Totally disgusted.