Clearly that is at the UW's discretion: "If you are an Eligible...

Clearly that is at the UW's discretion:

"If you are an Eligible Investor, you may apply for New Shares in excess of your pro rata entitlement on the Record Date. However, you should note that the Underwriter has an obligation to subscribe or procure applications for any Shortfall and Lynas intends to give priority to the Underwriter and sub-underwriters who have made that commitment in allocating any shortfall. Accordingly, even if you apply for any excess, the Underwriter and Sub-Underwriters may be allocated any Shortfall Securities. In consultation with the Underwriter, the Company reserves the right to: • allocate any Shortfall to the Underwriter and/ or sub-underwriters; • reject an application for Shortfall Securities, or • issue a lesser number of Shortfall Securities than applied for."

Punters will receive what the UW's & subs don't want.