I think your trying too hard to see something that is not there....

I think your trying too hard to see something that is not there.

the underwriting shareholders have their entitlement of which they have confirmed they will be taking up. In ADDITION they are underwriting up to a specific value over and above their entitlement.

if nobody else (other shareholders) other than the formal underwriters takes up their shares, the raise will be circa $3.6m. If non underwriting shareholders take up shares in big numbers the underwriters will not get their shares.

there is also a shortfall provision - i.e I could ask for more than my entitlement.

Shareholders who chose to underwrite do not get a fee, cheaper shares, preferential treatment or even a pre paid coffee voucher, they merely guarantee an amount that they will purchase if there is surplus.

If an insto was to underwrite, they will absolutely be taking a higher fee. The underwriting shareholders clearly believe in the company so much they are willing to put a large amount of cash in the tin.

I’m willing to predict that they will get the full amount with the underwriting shareholders being used albeit potentially scaled back - all IMO