not really underwritten

The underwriter can get out of this if the SP goes under 1 cent at the end of any trading day. I'm sure that the underwriter would even have the power to make this condition come true. Not suggesting that they would do so.

See Clause b bottom of (numbered) page 30 of the prospectus:

The Underwriting Agreement is conditional upon several conditions
precedent, including that the Underwriter has entered into sub-underwriting
agreements with sub-underwriters on terms and conditions satisfactory to
the Underwriter (in its sole and absolute discretion) for the entire Rights
Issue Offer.
The obligations of the Underwriter to underwrite the Rights Issue Offer are
subject to certain events of termination. These events of termination include
(but are not limited to) the following events:

(b) the ordinary fully paid shares of the Company finish trading on the
ASX under the ASX code of ?CNN? on any trading days with a
closing price that is less than 1 cent;.


Seems a really good underwriting agreement!

I have a really tiny holding.