technical update, page-72

If they did a CR for that purpose then would not sit too well with a few. Especially since Glyn indicated they had sufficient cash. A CR to entice instos in acheives little and is a step backward. If they couldnt be convinced of the merits, then let them either buy on market or not buy at all. There are a multitude of other investors not just in Australia who would be more interested in fundamentals. Having seen instos at work they typically exit quickly at a premium leaving the market to absorb the dilution. Unless of course they have a heap of clients lined up, but given the perception of Australian traders, they would probably do the same. Unfortunately takes some time after CR to determine whether agency or prop trading at play but by then too late. I have seen the 15% rule abused too often with holders receiving little if any info as to the purposes. Doing a CR now to satisfy roadshow attendees instead of the current base of holders would be as legally acceptable form of bribery I could see. Further the average volumes traded would over a week exceed the CR size so there is no justification based on liquidity of the stock.