You are incorrect. An underwriter (Plutus) underwrites the entire $2M. However they appoint a sub-underwriter e.g. Ross McLachlan, to assume some of the underwriters subscription obligation. It is standard process. I assume any shortfall will be distributed on a pro rata basis, but the sub-underwriters will certainly get their share. They may also share the underwriting fee on a pro rata basis. Mark my words, out CEO is underwriting to the tune of $300K. He wants shares. It is absolutely not a weak expression of support but rather an extremely strong indication of confidence.
Ann: Fully Underwritten Rights Issue, page-6
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