@Tomatoes - reply not working, so this is a reply to your post...

@Tomatoes - reply not working, so this is a reply to your post above.

Best bet is to call the company and ask - it relates to clarification of an announcement they put out, so they should be able to answer it.

The underwriter is Mahe Capital. The prospectus says they will be issued with 3 options for every $1 raised. That amount equals slightly less (just under 47,400,000) than the amount reflected at #1 in the top 20.

It's also listed as being held by the MD's super account (jointly with his wife), so does that accord with those options being issued to the "Lead Manager"? MD of Mahe Capital is possibly the Lead Manager of the Underwriter, but doubtful they were personally underwriting the issue, so why would they get the bonus options?

So there was a "sweetener", as you say, whoever it went to. But it's possible Mahe got the 3 per $1 AND their MD participated in the issue.

But any answer you get on here is usually all just speculation - if you have questions realting to company info released to the market, always best to ask them directly.