@Hiddenvalue, I think Lind & MACA's sub-underwiting commitments are fairly described in the Prospectus on pg.61, section 7.7 as highlighted in @hotcoppa's post yesterday...
"If MACA and/or Lind take up a portion of their respective sub-underwriting commitments, the amounts owed to them will reduce by the corresponding amount, with funds raised under the Entitlment Offer also reducing by that amount."
The above might be equivalently worded this way...
"If MACA and/or Lind don't take up a portion of their respective sub-underwriting commitments, the amounts owed to them will not reduce by the corresponding amount, with funds raised under the Entitlement Offer also not reducing by that amount."
The Shortfall Offer has a 3 month window, so presumably, the remaining expected funds ($19.8m) will progressively fall into the BLK piggy bank in dribs & drabs until the Shortfall Offer expires on the 07/07/19. Having said that, it appears BLK are expecting to receive up to $15.8m (at this stage that's anything between $6m to $15.8m) immediately after completion of the Entitlement Offer, which BLK have indicated as being the 16/04/19 in their recent announcement dated 09/04/19.
Just in regard to the 1,349,103,421 shares in the Shortfall Offer, I started wondering (hypothetically of course) how long it might take sub-underwriters to collectively sell their respective BLK shares if they all decided, with good reasons, that they didn't want to keep BLK on their books. Assuming an optimistic sell volume of 20,000,000 shares a day, it would take...
1,349,103,421 / 20,000,000 = 67.46 trading days (or 13.49 weeks). Just as well the closing date for the Shortfall Offer is set for 7th July 2019.
BLK Price at posting:
1.5¢ Sentiment: Sell Disclosure: Not Held