Ann: Non-Renounceable Issue closed over subscribed., page-6

Goodaye,
It would be my understanding that the shares are allocated in the following manner:
1. s/h are allocated their shares based on their allocation of Rights. so if you have 14 shares you get the Right to acquire 1 new share. That's certain.

2. any Rights not taken up are held within the Top-Up Facility.
The Top-up facility is a Facility provided to s/h, who can subscribe for a portion of those shares not taken up by s/h.
It is a facility for shareholders - not Underwriters.
Directors will participate on the same terms as ordinary s/h.
They will NOT get any benefit we ordinary don't get.
if any directors have zero shares, then they cannot participate at all.
so they will only get their firm allocation of shares like us, and they may/may not subscribe for shares in Top-up Facility, but will not get any priority over us.

When the shares under the Top-up facility are allocated, the shares will be allocated on a pro-rata basis, firstly to shareholders (which may include shareholdings of directors).
IF there were any shares left in Top-Up facility after the allocation to s/h, then it is those shares which would be taken up by Underwriters.

given what we have been told, the Underwriters and Sub-Underwriters will not have to take-up any shares.

from STX:
"Eligible Shareholders will be offered the opportunity to apply for shares in excess of their
entitlement (at the same price as their entitlement, of $0.07 per share) under a ‘Top‐Up
Facility’ comprising any shortfall in acceptances for the Rights Issue (Top‐Up Facility). The
Top‐Up Facility will be provided (to Eligible Shareholders (my words))in priority (ahead of (my words)) to the Underwriter and the sub‐underwriters."

poorly worded by STX, but that is pretty much always how these R/I works.
any doubts suggest someone rings STX.
all just IMHO

cheers