Nothing is guaranteed. The only way any investor can be certain that there will be immediate money for drilling is to exercise their rights. Malcolm has vowed to purchase unsubscribed shares, but that only comes after the subscription and the over-allotment periods have passed.
In the meantime, anything could happen that could jeopardize Mr. Bendall's ability purchase the unsubscribed shares. Why leave all the drilling eggs in one basket when exercising the rights spreads the risk and minimizes the chance that adverse conditions for one shareholder would stop the whole process from going forward for all shareholders?
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