morgans report of 14/4 on website, page-27

It is hard to make sense of the information available and the SP movement in light of the willingness of investors to oversubscribe for over $20m worth of stock at 31 cents.

It would be reasonable to assume these people being as well informed as anyone.

I understand the conflicts of interest that arise in a capital raising, but it is the availability and meaning of information that is of interest to me.

In light of all this, other than concluding there has been deliberate misleading of investrs by someone, I start to think that....

1 some people are selling now as they expected more good news by now. For some reason they are seeing the capital raising price as a ceiling not a floor price. Not very logical, but understandable if you had hoped for a lift in price by now.

2. Some may say there are signs of capitulation.

3. There are new investors and significant investors and directors who are in at prices over current levels. While they may now be regretting decisions even only weeks old, I am willing to accept decisions were made based on their knowledge of value.

4. When I consider all this, while accepting the price can still decline either due to sentiment or lack of underlying value, logic suggests that the company is worth than the current share price suggests.

Fear and greed are powerful emotions. Fear is currently winning and small parcels of shares, a few million, are selling each day. However, about 70 million have just been sold for 31 cents. These were sold on facts, at a discount.

I have bought more.