Ann: Entitlement Offer Update, page-26

Not quite sure your logic makes any sense. Lind and Maca were never going to pay 1.5cents per share to the tune of 10million in cash to BLK. How is any of the creditors balance cancelled of Maca and debt from Lind.
cash balance will be approx 15million after net proceeds from shotfall securities comes in of 20million still to come. Remember this is fully underwritten for 25million.
This 20million will be a combination of cash from new investors and the 10million in the form of equity for debt from Maca and Lind as sub underwriters. They would come in on the shortfall securities issue not on initial rights offer as they were not shareholders. They both may have had some shares though particularly Lind as previous two repayments were share issues therefore they would get the same rights on these shares. In regards to Maca they would have sold out on their shares from previous issue some time ago.

Cash is therefore 5million already raised from eligible holders + net 10million from shortfall securities paid by new investors net of debt to equity conversion Maca and Lind and fees for underwriting. Therefore cash balance will be approx 15million post raise plus any cash on hand prior to raise.

In your scenario one you have indicated, if Maca and Lind paid cash and all shareholders had taken up rights cash balance would be 25million after issue. Prospectus never indicated this??? I don't think Hartley's and Morgan's intend to find and underwrite the 20million still left to go, hence Macs and Lind will receive shares in this next phase of the raise.

That's my understanding, happy to be corrected.