Yep.
Looks to me like Noble (Solomons) aren’t putting more cash in than they really really need to. And it appears they have just managed to take an each way bet on the RI succeeding/not succeeding by loaning $500k to trigger their debt to be mostly repaid with shares via the RI. And they get their $500k loan back from the first $500k of RI funds. Which will be the funds they put in via their entitlement.
Does the above sound about right.
Ann: Non Renounceable Rights Issue Prospectus, page-5
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