Yes I already own shares in the company. This offer is for non-renounceable shares. At this stage I'm very inclined to take up the offer. I've reread the document and now belive that once I am issued the entitlement of shares they can be traded. Previously I was thinking that once issued the shares they could not be traded at all. I now understand its the entitlement of shares ( before they are issued to me) that cannot be traded. Thanks again for you help.