Ann: Despatch of retail entitlement offer booklet, page-3

The entitlements are not tradable so if you don't take them up, someone else can via the Additional Shares part of the offer.

Some raisings allow you to sell your entitlement on market.

If you don't take up your full entitlement then your shareholding will be diluted. Say you owned 10% of the company, by not taking up your entitlement the number of shares you own stays the same, but the overall number of shares increases meaning that you might be left with say 9.6% ownership. The above figures are for illustration purposes only and not a reflection of the actual dilutionary effect of this raising.