calculations, page-3

abc,

The following calculations seem to indicate an opening price around 13 cents.

Number of Shares before issue = 1.6 bn

Placement of 1 for 4 shares

Number of Shares after issue = 1.6 bn/ 4 * 5 = 2 bn shares

Market Cap < issue: 1.6 bn shares * 16 cents = $256 M

Market Cap > issue: $256 M / 2 bn shares = 13 cents opening price.

If the opening price on Friday is different to this, it could potentially be for various others factors such as:

REIT sector sentiment change until Friday
Some Instos and sophisticated investors selling out at a quick 30% profit for 2 days work
People assuming the price will drop to 10 cents and so panic sell hoping to buy back cheaper.

Regards,

Bouzouki