Havelock has been pretty uncommunicative on this, pretty disappointing...

Can someone from Havelock please explain what will happen if the IPO is not fully subscribed? 

Seems pretty fraudulent if you either:
i. keep investor funds locked when the block sales are going nowhere, or
ii. stopped the rest of the subscription blocks, and allowed market trading of the shares already purchased (i.e. without fulfilling the terms of the prospectus by not selling all the tranches and screwing the initial investors by misleading them)