Share purchase plan, page-94

Hi Sustainable

I see your point, on the face of it why not close the offer early if you've already got $10m in retail subscriptions locked in?

Two possible reasons...

I can't speak on behalf of the company but logically either they want to ensure all retail holders get a chance to participate to avoid criticism if the first offer didn't get through to every mail box or they intend to accept over subscriptions.

They've been heavily criticised in the past for favouring the big end of town when it comes to CRs and accepting say $5m in oversubscriptions on top of the $10m they were looking for would go some way to alleviate that.

Unnecessary dilution I agree but my gut says they want to reward long term holders and relatively speaking penalise traders. So traders will get cut back very severely while long term holders get "rewarded" even if it is with just 50% of what they've asked for.

Having said all that I believe they will close early possibly in a day or two because it is highly likely (in my view) the offer will be heavily oversubscribed.