Ann: Entitlement Issue Closure and Shortfall Notification, page-4

Yeah good point M.I. They did give that impression.

"The Entitlement Offer is to be fully underwritten by Canaccord Genuity (Australia) Limited who have received binding commitments for the entire Entitlement Offer. The Underwriting Agreement is expected to be executed shortly in conjunction with the lodgement of the Entitlement Offer prospectus."

I suppose in fairness those who took up the institutional & S.I placement were also entitled to participate int he 1 / 8 rights issue. So in effect were taking up more new shares on top of what they had already subscribed for.