"It was not underwritten, which is partly why the company has reserved the right to issue the additional shares that have been announced in an earlier App 3B. If someone comes along and wants to pay 30c per share for ~122M shares in the next 2.5 months or so, then the company will get the money and the investor(s) get shares."
Problem here is that, if new information comes to light within that 2.5 month time frame, which is share price sensitive in a positive direction, then those shortfall shares should be bad available to retail shareholders who did not take them up.
Otherwise, it is the mates of Bell Potter who effectively get gifted in-the-money options at the expense (again) of retail shareholders.
.
Ann: Update on Institutional Placement and Entitlement Offer, page-8
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