1) MMR will sub-underwrite or guarantee the take-up of 40...

1) MMR will sub-underwrite or guarantee the take-up of 40 million shares (or 40% of the underwritten amount).
2) On top of that MMR will already take up their entitlement of 11,659,190
2) GBA will be provided a fee of approximately $500K if all amount underwritten (enough for about 6 million shares).
3) GBA have 6,778,000 million shares, so if they take up their 3.3 million allotment....btw, how will they pay for that...well aren't we still waiting for BPH to cough up the $885K from the last underwriting arrangement....
5) Directors have 7 million BPH shares and will most probably take up the 3.5 million shares as well.

So nearly 60% of the underwriting is already covered by cross holdings and sub-underwriting. With 40% non-renouncable...a lot of BPH holders will take up the offer as it will be close to the Pep11 spud date....

So the chances of the underwriter exposure in this case is small...btw, GBA has underwritten many capital raisings over the last 10 years and there hasn't been a GBA capital raising once as a result.

DYOR