Ann: Appendix 4C - quarterly, page-67

This dilution is very significant. That's why management's actions to trigger the share issue should be questioned.

It is an issue of a massive 50% of the current shares on issue (336 million shares issued on 668 million currently). On top of that, and unlike most share issues (placement, option exercises) this one is for free in that no capital is paid for the shares.

If one was to theoretically ascribe a value of 21 cents to ISX shares now, then on the same basis they would be 14 cents in September if all those shares are issued.