Ann: Fully Underwritten Non-Renounceable Rights Issue, page-22

That makes sense and the amount of money loaned adds up nearly perfectly with the amount it would cost Harlequin for their full entitlement, however it does specifically state in the prospectus that the loan is to be "offset against their sub-underwriting obligation". I would have thought a sub-underwriting obligation would not have included their entitlement shares only any shares that were subject to shortfall. So this is where it starts to become unclear.