Ann: Application for quotation of securities - WFL, page-57

While I don't share OBJF's negative outlook, I think it's naive to regard the GEM facility as equivalent to a vote of confidence in WFL. We all know how they make their money: give cash, receive new discounted equity, flip the equity back to the market at full price, profit from the discount and "dilution tax" to existing shareholders. They can profit from this arrangement irrespective of WFL's own prospects. They got into this for the ability to sell discounted equity back to the market, not because they wanted to take a position in WFL.