Spot on digster. Also, imo holders that wish to extend their...

Spot on digster. Also, imo holders that wish to extend their holdings may logically prefer to provide money to the company for reasons that may ultimately add value to the company and their overall shareholding.

I note the recent very low volumes being traded and it could be that some holders that would like to buy more at these prices may be holding off to participate in the spp that will be at a 5% discount to the vwap in the ten days prior to 17May.

They are giving current shareholders the opportunity first and if any shortfall they will be offered to the directors(up to $2mill ) and sophisticated investors/institutions. The latter imo would be interested given the results this year could drive the sp higher. I think this was inferred by Matthew Lehman in his presentation this morning.

On timing Francesco from I think Ord Minnett asked about this and Matthew said to the effect that the company has gone for the CR now because it ensures they can make decisions based on properly progressing the work of the company, rather than trying to match up when the market is willing to give the most. He pointed out experience with other companies has shown that setting timings to market conditions could create problems for companies in achieving goals or words to that effect. Besides the trial results this year I noted Matthew continues to emphasise that the manufacturing capability will be a key driver of value into the future.

cheers