Ann: Rights Issue Shortfall Notice, page-37

This will play out only one of two ways sadly... either the pathetic management dilute the living daylights out of the company out of desperation to avoid a windup... or they get wound up. I fully expect the former... a company takes majority ownership over both Uruguay and Spain for hardly any funds at all and effectively gives prl hardly any exposure to the upside on these projects. It’s so bloody sad to watch. $40 odd million was it that shareholders provided to get the useless management to this point... and I’d say the company will need up with almost nothing. They will then consolidate, raise capital for a new project and start this journey again.