Ann: KDR Rights Issue and Shortfall Closed Over Subscribed-KDR.AX, page-7

Reading the prospectus again, it is clear that the Underwriter gets first allocation of the Shortfall. That means up to 16,415,411 shortfall shares go to the Underwriter. That only leaves 7,188,488 to be allocated to the shareholders.

The Underwriter can allot these Shortfall shares to any SI or PI that are on their client list or books. That is what might have happened and is just badly explained in this announcement.

Only having just over 7m Shortfall shares for allocation to existing shareholders does explain the scale back of new shares applied for by us plebs.

See what happens when somebody has a shady background.............. one always expects the worst. However, in this case maybe we are jumping the gun to quickly and all might be above 'board' anyway?

Cheers