Ann: Partly Paid Shares - Top 20 Report, page-14

The share price needs to be well in the money for the company to even consider doing a call on these partly paid shares.

Think about it... Why would anyone pay 10c (then have to wait however long for the shares to hit their account) if they can buy on market instantly for 10-12c. If the company had the audacity to do such a thing, I would suggest they would get a very low conversion rate of these shares and will not receive the funds.

Also, I suggest there's a reason why this was an entitlement issue and not a straight raise to sophisticated investors, to reward existing holders and allow them to maintain their ownership of the company.

All IMO DYOR could be wrong.