If no shareholders take up the options then the Underwriters...

If no shareholders take up the options then the Underwriters would have 87%> of the company

So after contributing over $200000000 shareholders would have less than 13% of the company

Raises the Question

WHAT NEXT?

Some important percentage thresholds

below 5%—ASIC, public companies and the responsible entities for a listed MIS
can trace beneficial ownership in shares or units, even where voting power is
below the 5% level;

5%—substantial holding level which requires the holder to give information to a
company, responsible entity for a listed MIS and the ASX;
1630039_1_takeovers guide - australia final page | 3

over 10%—holder can block compulsory acquisition which requires voting power
of 90% to be held;

15%—notification may be required under the Foreign Acquisitions and Takeovers
Act if the bidder is a “foreign person”;

over 25%—can block special resolutions of the company or MIS;

50% — voting control of the target;

75%—holder can ensure special resolutions are passed;

85%—holder must give notice of substantial holding and the company must notify
shareholders that, at 90%, the person can compulsorily acquire the remaining
securities;

90%—in general, confers the ability to compulsorily acquire remaining securities
in target; and

for certain regulated industries and companies, acquisitions prohibited over
varying thresholds.

RB