Ann: Successful Completion of Security Purchase Plan, page-6

Yes, directors/employees allocation was limited to 15% of current holdings and $2.25m. Also, current shareholders, including directors/employees under the SPP were limited to 65% of current holdings and the issue amount was extended from $2.75m to $5.07m.

But this is within the SPP and directors/employees components of the overall equity raising. My issue is with the new institutional issue of $23.2m of shares at the discounted rate. These shares could have been offered to existing shareholders. Offering more than 4 times the number of shares to new institutional buyers and then scaling back shareholders to 0.65x is poor form in my book. With an 11% discount, not sure why they didn't just do an underwritten SPP to raise their target amount.