us listing just announced, page-14

pq. I don't disagree with your comments, however SEA management have taken us as chumps. They slip this in on the Friday before Christmas, hoping no one was watching.

$150mil to $180mil IPO, maximum 200mil shares issued.

Assume $180mil at 200mil shares issued = $0.90

But what if the US punters are not as keen and only stump up $150mil at maximum 200mil issue = $0.75

Ok $0.75 is extreme, but they have self created uncertainty as to what the IPO price will be.

Management deserves B minus, as we here in OZ will cop the dilution and US punters might actually get a stag profit out of all this.