Ann: Rights Issue Offer Document, page-2

Finally the cap raise has arrived. Note the following in the document:

1. Excluded information
   
   The Company is always looking to grow both organically and through acquisitions that are complementary to SRO's core focus on producing, promoting and protecting marketing content for companies and consumers. In that regard, as at the date of this Offer Document, the Company has entered into a non-binding letter of intent to acquire all of the shares of one target company subject to completion of legal and financial due diligence to be conducted by the Company and the execution of binding legal documents. The Company will update Shareholders and the market if and when the Company enters into binding legal agreements in relation to that acquisition.