Shortfall was 69,758,074. Sub underwriters committed to 59M (see...

Shortfall was 69,758,074. Sub underwriters committed to 59M (see below). So only 10M 'stuck' with underwriter which is worth $2.4M, yet they got a $4M underwriting fee. That confirms the fee was a ridiculous risk free amount. So everyone wins, except retail. Big boys sweep up even more cheap shares which they never could have bought on market, underwriter gets $4M for taking on no risk and retail is scared off from participating despite being closer to end game than ever before. Patient money generally wins out in the end.

From Entitlement Offer doc:
To the extent that the Underwriter permits the Sub-Underwriters to participate and New Shares are available to be sub-underwritten, a maximum of 96,832,924 New Shares may be allocated to the Sub-Underwriters, as follows: (1) Somers for a maximum of 34,977,579 New Shares (being 36.12% of the subunderwritten allocation); (2) Forager for a maximum of 18,311,283 New Shares (being 18.91% of the subunderwritten allocation); (3) IML for a maximum of 6,044,062 New Shares (being 6.24% of the sub-underwritten allocation); and (4) any additional institutional investor/s nominated by the Underwriter for a maximum of 37,500,000 New Shares (being 38.73% of the sub-underwritten allocation).