options underwriting, page-3

"RBS Morgans will fully underwrite the amount of $14.1 million to be raised by the exercise of 56,440,122 options at 25 cents each for an underwriting fee of 2.75%. "

From my reading the underwriting is for A$14.1m and the fee is 2.75% of the underwriting. Doesn't seem like the fee only applies to the shortfall.

Seems overly generous to me. If they really needed the 25c per share I find it hard to beleive that they couldn't place some to an insto at 25c/share (or more - wouldnt be hard sell as they are trading at 31+c and have the SPP cash backing) and there would have been no fee...