Priority Offer is for existing shareholders and if not filled shares will be offered under the public offer. ie: if shareholders don't take up the offer, anyone can.
Quote from prospectus:
The Public Offer includes a priority offer of up to 20 million Shares at an issue price of $0.05 per Share to Shareholders registered as at the Priority Offer Record Date. The Company will accept Application Forms from those Shareholders in priority to the allocation of Shares to third parties under the Public Offer (and will scale back any oversubscriptions under the Priority Offer on a pro rata basis). To the extent that less than 20 million Shares are applied for by Shareholders under the Priority Offer, those shortfall Shares will be available for subscription to all investors under the Public Offer (including both existing Shareholders and external investors), who shall be treated equally in the allocation of those shortfall Shares.
PRA Price at posting:
1.0¢ Sentiment: None Disclosure: Held