Ann: Institutional Offer Complete Underwriting Increase to A$164m, page-30

I think it’s awfully clever of them. They refuse to take shares as any part of their salary package and even performance rights has to be paid in cash and not stock. It makes it easy for them as the share price doesn’t matter on the ability to raise capital to keep the ship afloat. Will have to be a 10-1 or 20-1 consolidation soon as the raise last year was at $1.10 and 16 cents now. There simply no way for the current placement participants to exit there positions as there only 5 million buyers and will be 2 billion more shares once this placement completed so expect a consolidation in the future in preparation for the next cap raise.