Ann: Entitlement Offer Shortfall , page-5

David I think you have added RSG shares to their notes which is why it looks like they picked up all the notes.

I think they picked up 81% of the notes:

533.7m shortfall
41.9m RSG CN offering

575.6m RSG total notes acquired which is 81% of the 708.3m issued. That leaves 132.7m notes taken up by other shareholders (19%)

The 708.3m notes will be 766.1m when converted to shares due to interest being capitalised in the first year. Refer page 38 of prospectus.

Once RSG convert their notes to shares they will have 575.6m plus 46m (interest) plus the 131.1m they currently hold - a total of 752.7m.

Shares on issue now (ignoring options) are 666.4m plus the 766.1m notes (includes 8% int) when converted gives us a grand total of 1.433b. So RSG will eventually have 52.5% of NMG.