On a definition basis, yes it was an underwritten issue, but the...

On a definition basis, yes it was an underwritten issue, but the reality was that Lee took up ~$5.5m, Kwok took up close to $1m and they knew they were going to be up for those sorts of sums. Bowman took up $1m. Only scraps were taken up by existing holders.

And yes in retrospect, Bowman was dudded, but he certainly hasn't walked away... in fact he has doubled down in emphatic fashion.