investor relations, page-6

Heraclitus- I work for a publicly listed company and there is no way we would have been able to sell a capital raising like this to existing institutional investors in the current environment, without telling them exactly what the funds would be applied to- and this would require contracts already being in place. Only way to do it is to issue the shares very cheaply. Maybe thats why Macquarie sold out- they didn't want to participate, but realised they were about to get heavily diluted? Maybe most of the capital was raised from new institutional investors who realised they were getting a bargain? Would be interesting to know what the participation of the existing investors was?