Ann: Completion of Entitlement Offer, page-11

Gong, you need to take a look at the turnover - the price did not get below 5.9c till after 3 30 and you would only have only picked up about $20k of shares under your strategy with no options.

Depth at close the cheapest you can get is 6c and no serious selling on that side.

Anyone hoping to pick up any volume of shares at below 5.9c today would have been disappointed and you would have been giving up the 2 options per share for what less than an average of 0.003c per share. The $20,000 approx of shares below 5.9c you would have bought cheaper by $60 even if you got them all at 5.6c which you could not have and would have missed out on around 678,000 options.

Time will tell in the run down to Christmas where the SP will end up. My expectation is there might be a slight drift in the share price to sit just below the CR 5.9c (perhaps 5.5 /5.6) until we get more info re what LGE are doing

The LGE negotiation outcome is the critical next stage for AUZ - if Holmes gets the offtake restructure and a partnership as he has said he is in negotiation for 5.9c and the 2 free options per shares will be a huge bargain - if he doesn't I would expect the SP to be hit fairly hard.

Holmes has set himself a time frame of 31/3 so SH will not have long to learn how he goes with the deadlines he sets.

Taking up under the CR is a risk there is no doubting that - the reward for SH taking that risk are the options which could make anyone who has them a very nice profit if Holmes is successful with his LGE negotiations.