Ann: Share Purchase Plan 2009 , page-20

On reflection I should have realised that the issue would not be underwritten as the purpose of SPP is to (a) raise funds without a prospectus and (b) to give small shareholders an opportunity to make small share additions. Hence the emphasis on the maximum amount even if have multiple holdings. The net effect is that an underwriter should not then be allowed to gain large parcels in case of shortfalls.

I still can't understand why BCD management bothered. Were they so naive that they did not realise the share price would fall or do they think that shareholders are twits? Thus far they have succeeded in destroying the market cap by $10M (double the intended raising). The SPP documentation doesn't give an informative explanation of their proposed plans, just some glib sales talk.

Juke