I'm not sure this is the case.

1/3 of my holding entitled me to x shares.
I applied for about 15x shares.
On the 16th, I received about 4x shares.
So both 1x entitlement and 3x shortfall came through at the same time.

This is consistent with the results announced on May 16th:

The announcement stated:
1) Entitlements accepted under the Rights Issue: 21,803,699

2) Additional New Shares allocated to eligible shareholders under the Shortfall Offer: 11,964,090

Which reconciles exactly with the Application for Quotation of Securities announcement which states 33,767,789 were already listed on May 16th.

3) The additional 44,749,084 shares (to make up the initial 3.9m Raise) will be allocated to "New Shares allocated to new and existing shareholders, via the Joint Lead Managers, under the Shortfall Placement."

I cannot see an 'Applicarion for quotation of securities' or a 'Proposed issue of Securities' notice for this 44,749,084 allocation, so there is a small chance remaining application amounts could be filled. But this is unlikely as the announcement explicitly states these were allocated via the Joint Lead Managers under the Placement, unless a mistake was made in this communication.

Guessing that institional investors required some minimum size in the Shortfall Placement in order to be involved (or to commit to invest in the Additional Placement) so the $3.9m Raise was oversubscribed, leading to the downsizing of Retail of Shortfall Application amounts.

Otherwise it would be unusual to downsize costless Retail applications to fill Placement applications that came with "up to 6% total fee payable on the raise" to the Joint Lead Managers (assuming the Fee in the Shortfall Placement is the same as the Additional Placement).

Has anyone received a refund yet? or have an idea of the expected timeline for the refund for unfilled applications?

a3