Regarding the downsized offer in the event the 15-day VWAP exceeds 0.7c, the prospectus only states that the total offer will be downsized. It doesn't say offers to individual optionholders will be reduced.
One possible reading of that is that in the first instance the number downsized will be taken from any undersubscription and, therefore, from the number available to the underwriter.
It's possible that optionholder offers will not be cut back at all.
Ann: Ancuabe Permitting Update, page-33
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