ADR's, page-43

"Because you just issue extra shares at whatever price is agreed and it's done. "

arrh - but, therein lies the problem.

My understanding has been that it's the amount raised that is the very crux of the problem.

All the way through - we just haven't needed much money at all.


If we wanted to raise say 100 million - it would not have been an issue. Because an investment bank makes fees on what is raised - and 100 mil or 50 mil or 250 mil would give them a nice slice.

But, Nick has said time and time again - he doesn't need any money ----- and, if he took it - he only wanted a small amount --------- he did NOT want to dilute at all, if possible.

And, there was the problem - all the bargaining all the carry on - about price and ratios and amounts raised.

So -- it just not --------- 'agree a price and it's done' - it was never that simple and it isn't still.


What is simple - is to list without raising.

The only issue there is to get stock for the issuer initially to cover any orders - but, that's the issuer's problem.

Now I guess there is two ways there - they could buy on market - or they could try and tap Nick for a placement to them - which gives us a dilution - but, solves their problem and they can start with stock at ?????? whatever price rather than chase it up ---------- but, again --------- it's their problem - not ours.

This is where and why I have bought this up now - because of the revenue timing ---------- before - from memory he said that if it was soon (6 months or so back) that he might have to do a small raise to cover listing costs - but, if it were a way down the track (from memory a few months) then he wouldn't have to raise at all - hence, now - we ARE that few months down the track.

I could be wrong - but, from what I understand all the problems come with trying to raise money (small or large) - not from listing.

What is the problem with buying on market?

Are we saying there is no stock available?

Are we saying that if someone starts to buy even a few million that the price will get away?

OMG - if we are saying that then - that's what I get accused of ramping about ------------ well, it's reality if we think that the poor old issuer is going to have a problem.

so - it is either a problem - or, it is not a problem.

If it's not a problem - then the listing only, with no raise would be simple pimple.

If it is a problem - then wow ------------- I am happy to have that problem


all my thinking - hope it makes sense

Pinto