$1bn at risk if state does not release coal, page-15

Fair assumption tbedon, but I base my short fall comments and expectations on a number of points.

Most micro cap cap raisings at the time this spp was mooted were falling over...one small co which I will not name tried to raise a similar amount ...it had no underwriters..it raised $70k....things were at that preemptive moment...very bleak.....(remember this spp turned out to be quite a drawn out affair and was announced during the worst of the GFC sentiment).

Many of esi's usual historical placement participators were just as risk adverse as the rest of the world during that particular period.

Many of the usuals wanted to see results ... they fence sat their risk.

As it turned out, the SPP,, given the the sentiment of the time to risk aversion,,,especially in the micro cap sector....turned out to be an absolutely resounding success ...with a generous, stag like return that we used to see in the good times.

In light of the fact that banks are now pretty much demanding cap raisings from public companies and their is a lot of money withdrawn from the market, I think that it is fair to predict that the short fall of some 1.2 to 1.3 mil has been spoken for.

I am aware of many fence sitters.

I knew of $1 mil that was fence sitting from just 2 sources 750k and 250k.

It could also be alleged/imagined/call it what you will/ that certain 6 figure offers from undesirables had been turned down.

imho I reckon they will be 'just' as wisely using Chairmans'/company discression to pick the SAFEST money from the s/f cheques in their possesion atm.

So as it will in all probability turn out to be a 3 stage over subscription from a cap sector that has reflected the opposite, I think it would be safe to assume chques will be returned, and those that drove the sp down from 10c to 2c in an attempt to get something for nothing, will be driven off by the ''Collective'' big stick.