Ann: Becoming a substantial holder, page-32

Hi Delta

I wasn't implying 1PG needs to imminently raise again.

Just that it is likely they will need to raise again at some point (and likely numerous times if history is a guide) and Canaccord are likely positioning themselves for future raisings (they have done this a lot).

While the concept of listing in the US is good, I can't think of any small cap stocks that have successfully moved from Australia to the US (there may be a couple, but I can't think of any).

Also, 1PG is likely still far too small to list in the US and get any real traction.

As is often the case, I think 1PG is at the point where it really needs to start booking revenue and prove that its business model works. I don't want to argue again about whether it will or won't, I think the market just wants to see some tangible evidence. Maybe at the next result?

Plus I think a lot of people are derisking at the moment, which is probably another key reason for the 65% fall over the past 6 months.