preopen, page-135

re: hdr / roc
This capital raising has come out of left field. Based on comments on the board so far, not very well received.
But some positives:

- At least retail investors have been given a chance to particapte. I will take my full share.

- Discount given is moderate. In fact, given HDR's last closing price as at 1.22 and shares on issue of 480 million. If all the shares on placement are taken up, HDR's theoretical price should be 1.19 . Which is not completely unacceptable. But short term, some disgruntled holders may take just dump and run.

market cap shares on issue Price

$585.6m 480m 1.22

$167.2m 152m 1.1

752.8m 632m 1.191139241