Thats correct they did take up 39m but 35 m of those would have been their entitlements. So roughly 4 m of the underwritten short fall.
My guess is there was only one sub underwriter who you mention which leaves the balance 24 m in ARA hands and probably they were the one who off loaded 10m and took up the rest to stay under 22.9 %
The next notice from them will add light.
It does look like they were feeding them cash as required. They have a lot of incentive..
Director's sign of confidence, page-15
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