interview faber, page-47

Crusty

I would like to amend a comment I made about the IPO value of $200-250M. I doubt they want to raise anything like that, probably only half at most. I added a possible 5 M shares received by CS at delist into the equation but of course these will not be placed, just sold on-market and I very much doubt whether CS would receive even 1 M shares at delist anyway. Trade will continue on the ASX up to 10 days before the IPO. The only role CS has on the market is as the ATO rules-driven role of underwriter. Anyone wanting out from the ASX transfer to the NASDAQ will sell in the days leading up the closure of trade so I can't see any reason for people to wait for the last 10 days to offload at the same price they would have received on-market. There may in fact be no shares yielded to CS in that time. The price of the shares at that stage should have approached the offer price at placement into the NASDAQ as we will all have the same financial information, although the sophistication in the local market may well place a $5 gap between offers. This may close with offshore buying in the final days.