Ann: Institutional Placement and SPP , page-2

So, in brief:

The Board of IMF (Australia) Ltd (“IMF”) today announces the launch of a fully underwritten placement of approximately 18.5 million fully paid ordinary shares (“New Shares”) to raise approximately $31.4 million at an offer price of $1.70 per New Share (“Placement”).

The offer price represents a 7.9% discount to the last trading price of $1.845 on 1 October 2013 or a 5.3% discount to the last trading price on 1 October 2013 removing the FY13 dividend payment of $0.05.

After the completion of the Placement, IMF will also offer eligible shareholders with registered addresses in Australia or New Zealand the opportunity to participate in a Share Purchase Plan (“SPP”). Under the SPP, eligible shareholders will be offered the opportunity to apply for up to $6,000 worth of ordinary fully paid shares in IMF at an issue price of $1.70 per share (the same issue price as under the Placement). The SPP will be limited to $10 million.

So, this is good news in terms of the board treating shareholders with respect - the $1.70 price and up to $6k is bang on, I reckon.

Interestingly, the share price dived around 10c or 5% in the lead up to this which isn't great for dilution but good for those looking to top up.

For now, it's wait and see.