3 data and comment 3, page-19

re: 3 the cash issue 3 POST 1 of 2:

I am a non-holder but I belief that I still have a grasp of the opportunities VCR has. It is also true to say there are risks, however I want to talk about the cash issue just now.

VCR was waiting for Medicare to make a move and when their decision was deferred, it then made the announcement about the cash issue.

One can say that Thoratec will keep on pressuring the US Health committee and the overnight rise of 7.3% in the share price indicates that interests are expecting something.

This can only help the VCR price and even more so once a positive Medicare decision (a graduated one, I think), may come through.
It is also possible that VCR can feed in some news items concerning the device and the special quality of the coating used and of course the Patients are coming and going as well.

It wil be very difficult for shorters to pull the price down to $2.25. Indeed, the above mentioned summary can only steady share prices while the cash issue proceeds, IMHO.

I am against cash issues as they involve risk concerning time. However we got one here and let us look at the agenda:

Formal documentation including the Prospectus and Entitlement and Acceptance Form will be dispatched by 1st October 2003 and the closing date for acceptance is 23rd October 2003 in accordance with the following timetable: -

Date of Prospectus : 17 September 2003

Ordinary Shares trade "ex-rights" and Rights trading commences on ASX : 22 September 2003

Record Date to determine Entitlements under the Rights Issue : 26 September 2003

Prospectus and Entitlement and Acceptance Form dispatched : 1 October 2003

Last day of Rights trading : 16 October 2003

Closing Date for acceptance : 23 October 2003


Gerry