announcement rights update, page-3

I am sure DH can explain much better - and probably will.

But my understanding is that the underwriters have a legal obligation to take up whatever is required to ensure the minimum subscription (of $2m) is achieved, subject to the general holders submitting a minimum of $500,000.

Therfore the maximum required underwriting amount ranges from $0 (in the event of a $2m take up by general holders) to $1.5m (if general holders only take up $500,000).

Because the general take up was $600,000+ higher than the minimum, the max legally enforcable underwriting reduces to $800,000 odd.

This does not imply that the underwriters will not take up many more than is legally required - and I think this is what will happen.