Ann: Entitlement Offer Update, page-28

@GravityWaves wouldn't the sub underwriting only be done post initial underwriting and at the shortfall placement level. If 20% of entitlements was taken up by existing shareholders that's roughly 5million of the 25Mil being raised.
If 100% of the entitlement offer was taken up by SH then cash raised would get to the 25mil from SH alone. Maca and Lind would be paid the cash as existing holders had supported 100% of the raise ie 25mil.
As I said apart from any shares they held prior to issue they wouldn't form part of the initial offering.
For instance Milan would have contributed the 160k already for the amount per his rights and now he will be forking out another 1million on the sub underwriting about to occur in the shortfall placement.
So I don't think that Maca and Lind shares have been issued or factored in yet as they would see if SH with rights first show the money as you said. As SH didn't they will now get share capital.